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Most expensive bank stocks ranked by price to tangible book

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Most expensive bank stocks ranked by price to tangible book

Bank and thrift stock valuations have fallen over the last three months, based on prices relative to tangible book value.

The median price-to-tangible book value ratio for major exchange-traded U.S. banks and thrifts was 169.9% as of May 31, down 14.7 percentage points from SNL's last quarterly analysis on Feb. 28, 2017.

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Wilmington, N.C.-based Live Oak Bancshares Inc. had the highest price to tangible book value of 396.0% as of May 31, up 43.3 percentage points from the previous analysis. The bank completed an acquisition of Reltco Inc. and National Assurance Title Inc. on Feb. 21 and announced a joint venture focused on digital banking services with Atlanta-based First Data Corp. on May 9.

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DeWitt, N.Y.-based Community Bank System Inc. took the No. 2 spot with a price-to-tangible book of 364.9% replacing Conway, Ark.-based Home BancShares Inc. Home BancShares dropped down to the No. 6 spot with a price-to-tangible book of 336.2%, down from 425.7% as of Feb. 28.

Home Bancshares completed two bank deals, Fort Lauderdale, Fla.-based Giant Holdings Inc. and Sarasota, Fla.-based Bank of Commerce, during the first quarter of 2017. It also announced it would acquire Pompano Beach, Fla.-based Stonegate Bank on March 27. This would be the largest acquisition in the company's history.

Seven new companies ranked on the May list — Boston-based State Street Corp., Nashville, Tenn.-based FB Financial Corp., Wilmington, Del.-based WSFS Financial Corp., Bryn Mawr, Pa.-based Bryn Mawr Bank Corp., Columbia, S.C.-based South State Corp., Pasadena, Calif.-based East West Bancorp Inc. and San Antonio-based Cullen/Frost Bankers Inc.

The companies that exited from the February analysis top 25 list include Little Rock, Ark.-based Bank of the Ozarks Inc., Houston-based Prosperity Bancshares Inc., Ithaca, N.Y.-based Tompkins Financial Corp., McKinney, Texas-based Independent Bank Group Inc., Honolulu-based First Hawaiian Inc., Kalispell, Mont.-based Glacier Bancorp Inc.; and Beverly Hills, Calif.-based PacWest Bancorp.

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Price to tangible book value data can be found under the current market data section in the Data Wizard of SNL Office.