While I thought Zions Bancorporation (ZION) was meaningfully undervalued relative to its long-term earnings-based fair value after first quarter results, I also thought that was true of a lot of banks, and I didn’t see a lot places where Zions stood out positively. That’s particularly true given the bank’s asset sensitivity, comparative lack of fee-generating businesses, and concerns about how effectively it has repositioned its loan book since the last downturn.
Since that last write-up, the shares have basically tracked its peer group and just slightly underperformed the S&P 500, so I