NEW YORK (TheStreet) -- The continued uncertainty in financial markets means that long-term investors are staring at a large number of bargain-priced bank stocks, and TheStreet is here to help.
Following an overwhelming response to our 10 Bank Stock Picks for Bottom-Fishing Investors and an outcry for more, TheStreet has identified another 10 actively traded bank stocks trading below book value, and this time we've been even more selective.
The first list featured some of the most familiar banking names trading below tangible book value, which excludes intangible balance sheet items such as goodwill. The most familiar name on that list was Citigroup (C), which has continued to slide, to $26.06 as of Monday's close, or just 0.5 times its tangible book value of $49.64 a share, according to SNL Financial.
It's also worth noting that JPMorgan Chase (JPM) remains a fantastic bargain, trading just above tangible book value at Monday's closing price of $33.41. This means the market places no premium above liquidation value, for a bank holding company that has remained profitable through the credit crisis while improving its competitive position.In coming up with our new list of 10 bank stocks trading below tangible book value, we have been even more selective than last time. Beginning with 584 publicly traded U.S. bank and thrift holding companies -- excluding those traded on the Pink Sheets -- trading below tangible book as of Monday's market close according to SNL Financial, we pared down the list by removing the 10 included on the previous list, and then paring the new list down to the 10 cheapest names that also had three-month average daily trading volume above 100,000 shares, and "buy" ratings from at least three analysts. Once again, the list runs the gamut, including some very familiar names, a few still owing federal bailout funds received through the Troubled Assets Relief Program, or TARP, two still losing money and one company posting solid earnings for the past four quarters. Zions Bancorporation of Salt Lake City just missed the cut, simply because the shares were trading for 0.8 times tangible book value according to SNL Financial, when they closed at $15.04 Monday. The following are the newly selected 10 more bank stocks for bottom-fishing investors, in ascending order by price-to-tangible-book:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV