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US banks with highest price-to-estimated earnings multiples

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US banks with highest price-to-estimated earnings multiples

U.S. banks and thrifts had a median price-to-estimated 2019 earnings multiple of 11.3x as of Sept. 4, essentially unchanged from an analysis of May 31 data.

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However, median projected 2019 earnings growth for the sector declined to 4.9% from 6.6% at May 31. Eighteen of the banks in the previous analysis retained a spot in the current top 25 ranking, and 10 of those saw an increase in their price-to-estimated earnings multiples.

Abilene, Texas-based First Financial Bankshares Inc. continued to lead the group with an earnings multiple of 25.2x, up from 24.0 as of May 31. Since May 31, the company's stock has returned 6.8%, compared to 2.3% for the SNL U.S. Bank and Thrift index and 7.3% for the S&P 500.

The next three banks on the list, San Rafael, Calif.-based Westamerica Bancorp.; DeWitt, N.Y.-based Community Bank System Inc.; and San Francisco-based First Republic Bank, also retained their respective spots from the May 31 analysis.

Novato, Calif.-based Bank of Marin Bancorp and Kalispell, Mont.-based Glacier Bancorp Inc. each moved up a spot with the exit of Atlanta-based Fidelity Southern Corp., which was acquired by Moultrie, Ga.-based Ameris Bancorp on July 1.

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