Exploring Zions Bancorporation, National Association (ZION) Investor Profile: Who’s Buying and Why?

You've watched Zions Bancorporation, National Association (ZION) stock slide nearly 8.75% year-to-date through November 2025, and you have to be asking: who is still buying this regional bank and why? The answer is simple: the smart money is heavily invested, with institutional ownership sitting near 79.46% of the float, including giants like Vanguard Group Inc. and Blackrock Inc., the latter holding around 13.8 million shares. But that concentration only deepens the mystery when the stock is trading below its calculated fair value of $62.30. Are they betting on the core business strength-like the Q3 2025 adjusted earnings per share (EPS) of $1.54 that beat estimates by a wide margin, or the 8.4% year-over-year jump in Net Interest Income (NII) to $672 million? That's a defintely strong performance that doesn't match the stock's recent struggle, so the real question isn't if the big players are holding, but what their calculus is for the next leg up, especially with total deposits climbing to $74.9 billion.

Who Invests in Zions Bancorporation, National Association (ZION) and Why?

You're looking at Zions Bancorporation, National Association (ZION) and trying to figure out who is driving the stock and for what reason. The direct takeaway is that Zions Bancorporation is overwhelmingly an institutional play, with nearly 79% of its shares held by professional money managers who are primarily attracted to its value proposition and consistent dividend payout, especially given its strong regional footprint in the Western US.

The investor base is a classic mix for a stable, regional financial institution, but the sheer weight of institutional capital is what matters most. For the 2025 fiscal year, institutional investors own roughly 78.85% of the company, leaving about 17.12% to retail investors and 4.03% to insiders. That means for every $100 invested, almost $79 comes from a professional firm. That's a defintely high concentration, which can lead to volatility when large funds rebalance, but it also signals confidence in the bank's core business model.

• Institutional Investors: 78.85% ownership.
• Retail Investors: 17.12% ownership.
• Insiders: 4.03% ownership.

Key Investor Types and Their Holdings

The institutional roster reads like a who's who of global asset management. Firms like Vanguard Group Inc and BlackRock, Inc. are consistently the largest holders, often due to their massive index funds and passively managed portfolios. Vanguard Group Inc holds about 12.73% of the common stock, and BlackRock, Inc. holds another 9.33%. These are long-term, foundational holders who view Zions Bancorporation as a core part of the US regional banking sector.

Then you have the more active managers and hedge funds. Citadel Advisors Llc and Millennium Management LLC are two examples of major hedge funds with significant positions. Their presence suggests a focus on shorter-term catalysts, like earnings beats or sector-specific trading opportunities, which is a different animal entirely from the index funds. Here's the quick math on the top institutional holders and their value as of November 2025:

Investment Motivations: Value and Income

What attracts this diverse group is a blend of value and income. Zions Bancorporation is seen as a well-managed regional bank with a strong presence across 11 western states. The third quarter of 2025 delivered a solid beat, with GAAP earnings per share (EPS) of $1.48 and revenue of $861 million, which exceeded analyst estimates. This operational resilience is a huge draw for growth-oriented investors.

For value investors, the stock's valuation metrics in late 2025 are compelling. The price-to-earnings (P/E) ratio of 8.95 and the price-to-book (P/B) ratio of 1.08 are near their respective one-year and two-year lows, suggesting the stock may be undervalued compared to its intrinsic worth. That's a clear signal for a potential rebound.

Plus, you can't ignore the income component. The board's regular quarterly dividend of $0.45 per common share, translating to an annual dividend of $1.80 and a yield of approximately 3.45%, is a powerful magnet for income-focused funds and retail investors alike. This commitment to returning capital is a key part of the shareholder value story. For a deeper dive into the numbers, you should check out Breaking Down Zions Bancorporation, National Association (ZION) Financial Health: Key Insights for Investors.

Dominant Investment Strategies

The strategies employed by Zions Bancorporation investors fall into three main buckets:

• Value Investing: Buy and hold based on the low P/B ratio of 1.08 and the belief the stock price will eventually reflect the tangible book value per share of $38.64 (Q3 2025).
• Long-Term Income/Core Holding: This is the strategy of the massive index funds like Vanguard and BlackRock. They hold Zions Bancorporation because it's a stable, dividend-paying component of the financial sector indices they track. The reliable $1.80 annual dividend is central to this thesis.
• Event-Driven/Short-Term Trading: The presence of firms like Citadel suggests strategies focused on short-term movements, such as trading around earnings announcements or capitalizing on the dividend cycle (dividend capture). The stock's price historically recovers from the ex-dividend date impact quickly, which is a classic short-term opportunity.

What this estimate hides is the impact of macroeconomic factors, specifically interest rates. The bank's Net Interest Margin (NIM) of 3.28% in Q3 2025 shows strength, but future interest rate policy will defintely dictate how much more margin expansion is possible, which is a key variable all these investors are tracking. Anyway, the core message is clear: Zions Bancorporation is a value-income stock anchored by institutional conviction.

Institutional Ownership and Major Shareholders of Zions Bancorporation, National Association (ZION)

If you're looking at Zions Bancorporation, National Association (ZION) stock, the first thing to know is that this isn't a retail-driven story. Institutional money-think massive mutual funds, pension funds, and asset managers like BlackRock, Inc.-controls the vast majority of the shares. As of the most recent filings (Q3 2025), institutional investors hold approximately 79.42% of the company's outstanding shares. That's a huge concentration, and it defintely means their collective decisions drive the stock's movement.

This high percentage means that Zions Bancorporation's stock price and long-term strategy are heavily influenced by a relatively small group of sophisticated, long-term players. It's a sign of confidence, but also a source of volatility; when a few big funds decide to rebalance, the impact is immediate.

The top institutional holders, based on their reported holdings value from Q3 2025, are the giants you'd expect to see in a regional bank of this scale. Here's a quick look at the top-tier capital committed:

Here's the quick math: Vanguard Group Inc. alone holds a position valued over $1 billion, making them the single most important institutional voice on Zions Bancorporation, National Association's cap table.

Recent Institutional Activity: Buying, Selling, and Conviction

What's more telling than the total holdings is the recent activity. We saw a net accumulation trend in the third quarter of 2025, which suggests a growing conviction among a few key players. Institutional investors increased their total long positions by a net of 1.96% in the most recent quarter. This buying came despite a slight decline in the stock price over the previous year, which tells you that some funds see a value opportunity.

A few funds made particularly aggressive moves in Q3 2025:

• AQR Capital Management LLC boosted its position by a substantial 31.6%, adding 711,218 shares.
• Vaughan Nelson Investment Management L.P. grew its holdings by 14.4%, purchasing an additional 409,065 shares.
• Dimensional Fund Advisors LP also added to its already large stake, increasing its position by 0.4%, or 30,552 shares.

This collective buying, especially from quantitative and value-oriented funds, signals they believe Zions Bancorporation, National Association is trading at a discount, with a P/E ratio near its one-year low and a P/B ratio close to a two-year low. They are betting on a fundamental turnaround or a valuation correction.

The Role of Institutional Capital in ZION's Strategy and Stock

The impact of these large investors goes beyond just stock price. When a company has nearly 80% institutional ownership, management is constantly mindful of the institutional perspective on capital allocation, risk management, and strategic direction. These funds expect clear communication and a focus on shareholder returns.

For Zions Bancorporation, National Association, the institutional confidence is likely grounded in the bank's core fundamentals, even with the noise of a $50 million fraud charge-off in Q3 2025. The bank's exposure to non-deposit financial institutions is modest-around 3% of loans-compared to a peer median of 8%. This lower risk profile, plus the fact that Zions Bancorporation reported Q3 2025 net earnings of $221 million ($1.48 per diluted share), makes it an attractive, stable regional bank play.

Still, high institutional ownership contributes to the stock's volatility. Zions Bancorporation, National Association has a beta (a measure of volatility relative to the market) of 1.31, meaning it tends to move more sharply than the S&P 500. When a few large funds sell, the price drop can be significant. To be fair, this is a common trait for regional bank stocks in a cyclical sector. If you want a deeper dive into the bank's operational history and how it makes money, check out Zions Bancorporation, National Association (ZION): History, Ownership, Mission, How It Works & Makes Money.

Your next step should be to monitor the next round of 13F filings to see if this trend of institutional accumulation continues into Q4 2025.

Key Investors and Their Impact on Zions Bancorporation, National Association (ZION)

You want to know who is driving the Zions Bancorporation, National Association (ZION) stock price and why. The short answer is that this is a bank stock overwhelmingly controlled by institutional money, with major passive funds setting the baseline and a few active managers making tactical, high-conviction bets.

Institutional investors-think mutual funds, pension funds, and asset managers-own a massive chunk, sitting at roughly 76.84% to 79.04% of the company's stock as of the end of the third quarter of 2025. That's a high concentration. It means the stock's stability and long-term direction are defintely tied to the decisions of a few hundred large firms, not individual retail traders. This high ownership percentage is typical for a mature regional bank included in indices like the S&P 400 Mid-Cap.

The Dominant Passive Funds and Their Holdings

The investor profile is anchored by the three largest passive investment giants. These firms are not trying to change management; they simply hold the stock because Zions Bancorporation, National Association is part of the indexes their funds track (index funds). Their influence is through sheer size and voting power on corporate governance issues.

• Vanguard Group Inc. remains the largest shareholder, holding approximately 19.3 million shares, valued at over $1 billion in Q2 2025.
• BlackRock, Inc. is the second largest, with holdings around 13.78 million shares as of September 30, 2025.
• Dimensional Fund Advisors LP holds the third spot, owning 7.34 million shares, valued at $415.47 million in Q3 2025.

Here's the quick math on their Q3 2025 activity: Vanguard and BlackRock showed slight decreases in their holdings, which is common as they rebalance their index funds. Dimensional Fund Advisors LP, however, added a small amount, acquiring 30,552 additional shares in the third quarter.

Recent Tactical Moves and Active Buying

While the passive funds are the rock, the more interesting near-term price movements often come from active managers and hedge funds. We saw some significant, high-conviction shifts in the first and third quarters of 2025.

AQR Capital Management LLC, a quantitative hedge fund, made a substantial move, increasing its position by 31.6% in Q3 2025, adding 711,218 shares. This suggests a belief that the stock is undervalued or that the regional banking sector has bottomed out. Conversely, CHARLES SCHWAB INVESTMENT MANAGEMENT INC drastically cut its stake in Q1 2025, removing 3,775,431 shares, a -77.3% reduction from their portfolio. That's a clear signal of risk aversion from a major player.

To see these moves clearly, look at the table of notable Q1 and Q3 2025 activity:

Investor Influence and The Fraud Charge-Off

You don't see traditional activist investors here pushing for a merger or a breakup, but the collective influence is still potent. When institutional ownership is this high, management is acutely focused on quarterly performance and capital deployment, like the dividend of $0.45 per share announced in Q4 2025.

The most immediate influence recently came from a negative event: the disclosure of a $50 million loan charge-off in Q3 2025 due to an alleged fraud at a subsidiary. This news caused the stock price to fall by 13.14% in a single day, closing at $46.93 on October 16, 2025. This immediate, sharp drop is a direct measure of investor influence-it shows how quickly the market, driven by these large holders, will punish perceived operational or governance failures. This incident has also triggered shareholder rights investigations, which is the ultimate form of investor pushback against management.

For a deeper dive into the bank's operational metrics that these investors are scrutinizing, you should read Breaking Down Zions Bancorporation, National Association (ZION) Financial Health: Key Insights for Investors.

Also, keep an eye on insider activity. An Executive Vice President (EVP) sold 2,458 shares in October 2025 for a total of $130,544.38, which, while a small amount in the grand scheme, can signal cautious sentiment from those closest to the company.

Market Impact and Investor Sentiment

You're looking at Zions Bancorporation, National Association (ZION) and trying to figure out if the big money is buying or running. The short answer is that institutional investors are showing a quiet confidence, increasing their positions, but the market's reaction to recent credit issues has been sharp and emotional. The overall sentiment is a cautious 'Hold' from analysts, but with a strong undercurrent of 'Buy' from those focused on fundamentals and valuation.

Institutional ownership is high, sitting at a robust 76.8% to 79.04% of the stock, which is a clear sign of big-money conviction. This isn't a retail-driven stock; it's a staple in large portfolios. In the third quarter of 2025 alone, major funds like AQR Capital Management LLC increased their stake by 31.6%, acquiring an additional 711,218 shares, valued at over $167 million. This buying activity, especially the strong block-level inflows, suggests that large investors are looking past near-term noise and buying for the long haul. Honestly, that's what you want to see.

• Institutional ownership: ~79% of shares.
• AQR Capital Management LLC: Increased position by 31.6% in Q3 2025.
• Retail flow: Slightly negative, but dip-buyers are active.

Recent Market Reactions and Volatility

The stock market is defintely a mood-driven place, and Zions Bancorporation's price action shows that clearly. The most significant recent move came in October 2025 when the bank disclosed a $50 million charge-off related to two commercial and industrial (C&I) loans, which totaled approximately $60 million. The market hammered the stock, causing shares to fall 8.3% in one afternoon and wiping out about $1 billion of its market capitalization.

Here's the quick math: a $50 million loss caused a $1 billion market cap drop. Baird analysts noted this pullback was likely 'excessive,' suggesting the market overreacted to the credit scare. Still, the stock was down about 6.4% since the Q3 2025 earnings report, reflecting persistent worry about credit quality in the regional banking sector. Conversely, when Jefferies upgraded the stock to 'Buy' on November 19, 2025, the stock immediately rose 1.6% in premarket trading, showing how quickly sentiment can pivot on positive news.

Analyst Perspectives on Key Investors' Impact

The consensus from the 24 brokerage firms covering Zions Bancorporation is a 'Hold,' with an average 12-month price target of $61.29. But that 'Hold' masks a critical shift in analyst thinking. Recent upgrades from firms like Jefferies (to 'Buy') and Baird (to 'Outperform') are changing the narrative.

Analysts are focusing on core fundamentals that the institutional buyers are seeing. For the third quarter of 2025, the bank reported a diluted earnings per share (EPS) of $1.48 and net earnings of $221 million, alongside a 17% growth in tangible book value per common share to $38.64. This financial strength is what's driving the upgrades. Furthermore, Zions Bancorporation's exposure to non-deposit financial institutions (NDFI) is modest at around 3% of loans, which is significantly below the peer median of 8%, easing credit fears.

The key takeaway from the analysts is a valuation opportunity. The stock is trading at an estimated 8.0x Jefferies' 2026 EPS estimate, which is a noticeable discount compared to the peer average of 9.7x. This discount is what the big funds are buying into. For a deeper dive into the bank's long-term strategy, you should review the Mission Statement, Vision, & Core Values of Zions Bancorporation, National Association (ZION).

To summarize the analyst landscape:

What this estimate hides is the potential for further credit surprises, which BofA analysts warn will require management to have strong communication to restore full confidence. Your next step: look for any news on the recovery of the $60 million in defaulted loans. That's the near-term catalyst.