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10 More Bank Stocks for Bottom-Fishing Investors

1. Susquehanna Bancshares

Susquehanna Bancshares (SUSQ) of Lititz, Pa., has seen its stock fall 40% year-to-date, closing at $5.81 Monday. The shares trade for 0.8 times their tangible book value of $7.50, according to SNL Financial.

Based on a quarterly payout of two cents, the shares have a dividend yield of 1.38%.

The company reported second-quarter net income applicable to common shareholders of $11.1 million, or nine cents a share, compared to a net loss of $1.4 million, or a penny a share, in the second quarter of 2010. The provision for loan losses declined to $28 million in the second quarter, from $43 million a year earlier

The second-quarter net interest margin was 3.62%, declining slightly from 3.69% a year earlier. The second-quarter ROA was 0.32%, according to SNL.

David Darst of Guggenheim securities on August 12 reiterated his buy rating for Susquehanna, while lowering his price target by 50 cents to $10, "to reflect expectations for the sector to trade at a lower valuation." The analyst said he expects the company to achieve an ROA of roughly 0.8% in late 2012 or in 2013.

The shares trade for 10 times the consensus 2012 earnings estimate of 59 cents a share, among analysts polled by FactSet.

Nine out of 14 analysts covering Susquehanna rate the shares a buy, while the remaining analysts all have neutral ratings.

-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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SUSQ $14.20 -0.77%
C $37.41 -0.27%
CMA $32.05 -1.23%
FHN $12.02 -0.41%
KEY $10.52 -1.13%


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