latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/us-banks-with-lowest-price-to-adjusted-tangible-book-values-at-end-of-september-60577725 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

US banks with lowest price-to-adjusted tangible book values at end of September

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

US banks with lowest price-to-adjusted tangible book values at end of September

U.S. bank stocks, particularly the large-cap universe, underperformed the broader market in September.

The SNL U.S. Bank and Thrift index lost 5.4% of its value during the month, relative to a negative 3.8% total return for the S&P 500. In the S&P Global Market Intelligence analysis, only three of the 50 largest banks by market capitalization at Sept. 30 — Cincinnati-based Fifth Third Bancorp; Birmingham, Ala.-based Regions Financial Corp.; and Memphis, Tenn.-based First Horizon National Corp. — experienced market gains.

SNL Image

SNL Image

With a negative 15.7% total return in September, Citigroup Inc. was one of the worst market performers in the sector. The stock has traded below its adjusted tangible book value for the last eight months. As of Sept. 30, Citigroup was the 11th-cheapest bank in the analysis by price to adjusted tangible book value.

The other three banks in the "Big 4" JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. — limited their market percentage losses to single digits. JPMorgan and Bank of America consistently trade at a premium to the industry, while Wells Fargo has traded at a discount all year.

Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of Sept. 30.

SNL Image

Four banks entered the bottom-25 valuation list in September: Citigroup; Coral Gables, Fla.-based Amerant Bancorp Inc.; Walnut Creek, Calif.-based BayCom Corp.; and Los Angeles-based Hope Bancorp Inc. All four banks had monthly returns of negative 10% or worse, with Amerant suffering the worst market performance among banks in the analysis.

Both Amerant and Hope Bancorp have substantial commercial retail exposure. As of June 30, Amerant had 19.2% of its gross loans in the commercial real estate retail category, while Hope Bancorp had 17.7% of its gross loans in retail buildings.

Exiting the bottom-25 list were Westfield, Mass.-based Western New England Bancorp Inc.; Costa Mesa, Calif.-based Pacific Mercantile Bancorp; Oswego, N.Y.-based Pathfinder Bancorp Inc.; and Bayonne, N.J.-based BCB Bancorp Inc.