Is Zions Bancorporation, NA overvalued or undervalued?

As of 21 November 2025, Zions Bancorporation, NA has moved from fair to attractive in its valuation grade, indicating a more favorable assessment. The company is currently considered undervalued, supported by a P/E ratio of 9, a Price to Book Value of 1.15, and a PEG Ratio of 0.33. In comparison to peers, Comerica, Inc. has a P/E of 21.53 and BOK Financial Corp. has a P/E of 15.16, highlighting Zions' relative undervaluation in the market.
Despite recent challenges reflected in its year-to-date return of -3.93% compared to the S&P 500's 12.26%, Zions has shown resilience with a 5-year return of 36.14%, although this is significantly lower than the S&P's 85.61% over the same period. This context reinforces the attractiveness of Zions Bancorporation as a potential investment opportunity.