NEW YORK (TheStreet) -- The dog days of summer have increased the dividend yields on many quality bank and thrift names, underscoring how cheap these stocks are right now and presenting fantastic long-term growth and income plays for investors.
Since TheStreet published 10 More Bank Stocks With Solid Dividends in late June, yields on several quality bank and thrift stocks with significant dividend payouts have increased considerably.
For example, shares of First Niagara Financial (FNFG) closed at $12.08 and based on a quarterly payout of 14 cents a share had a dividend yield of 4.64%, up from 4.37% on June 24. First Niagara announced last week that was in talks to aquire New Alliance Bancshares (NAL) for $1.5 billion.
With so many healthy bank and thrift holding company stocks continue to pull back over the summer, this is a good time to once again highlight quality growth and income names using conservative criteria. Starting with regulatory data and market data from Friday's close provided by SNL Financial, we pared down the list of 1,001 publicly traded bank and thrift holding companies - excluding those traded on the PinkSheets - using the following criteria:
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