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US banks trading at lowest price-to-adjusted tangible book values in November

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US banks trading at lowest price-to-adjusted tangible book values in November

Price momentum continued for U.S. bank stocks in November, particularly for the larger institutions. All but one of the top 40 public U.S. banks by market capitalization — Kansas City, Mo.-based Commerce Bancshares Inc. — recorded a positive total return last month.

The market-cap-weighted SNL U.S. Bank and Thrift index appreciated 5.4% in November, outpacing the S&P 500's 3.6% total return. The median monthly return for the 320 banks in the S&P Global Market Intelligence analysis was 2.9%.

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Memphis, Tenn.-based First Horizon National Corp. and Lafayette, La.-based IBERIABANK Corp. are combining in a merger of equals , announced Nov. 4. During the last year, First Horizon has traded at a premium to the industry median in terms of price-to-adjusted tangible book value. In contrast, IBERIABANK's pricing ratio essentially mirrored that of the industry from November 2018 to September 2019. Since then, IBERIABANK has traded at a discount.

New to the bottom-25 valuation list in November were Costa Mesa, Calif.-based Pacific Mercantile Bancorp; Uniondale, N.Y.-based Flushing Financial Corp.; Hamilton, N.J.-based First Bank; Brockton, Mass.-based HarborOne Bancorp Inc., which completed a second-stage mutual bank conversion in August; and Short Hills, N.J.-based Investors Bancorp Inc.

Exiting the list were Santa Ana, Calif.-based Banc of California Inc.; Coral Gables, Fla.-based Amerant Bancorp Inc.; Louisville, Ky.-based Limestone Bancorp Inc.; Bayonne, N.J.-based BCB Bancorp Inc.; and Seattle-based HomeStreet Inc.

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Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of Nov. 29, 2019.