Zions’ Six-Month Rally Meets Higher Costs and Credit Risks

Zions Bancorporation shares gained 14.8% over the past six months, beating the industry and two named peers, but trailing the S&P 500’s 22% rise. Wintrust Financial gained 9.4%, while WaFd rose 0.9%, according to Zacks Equity Research.

As of 14:33 UTC on Sept. 28, Zions traded at $63.40, down 0.67% since the previous close. Zacks said revenue, loans and leases improved in the first half of 2026, and projected net interest income to grow at a 4.3% annual rate through 2028.

The bank’s net interest margin rose to 3.21% in 2025 from 3% in 2024. Customer deposits, excluding brokered deposits, reached $72.7 billion on June 30, 2026, while total borrowed funds fell 53% year over year.

Zacks also pointed to cost and credit risks. It expects non-interest expenses to rise 4.7% in 2026 and provisions for loan losses to grow at a 13.8% annual rate over the next three years. The research firm said Zacks’ consensus estimate for 2026 earnings had fallen 2.3% over the prior 30 days, while the 2027 estimate was revised slightly higher.