Fox Chase Bancorp
Lakeland FinancialShares of Lakeland Financial (LKFN - Get Report) of Warsaw, Ind., closed at $25.09 Friday, returning 20 % year-to-date. Based on a quarterly payout of 15.5 cents, the shares have a dividend yield of 2.47%. The company had $2.8 billion in total assets as of Sept. 30. Lakeland's shares trade for 12 times the consensus 2012 EPS estimate of $2.14 and 1.5 times tangible book value. Sterne Agee analyst Kenneth James has a $28 price target for Lakeland Financial, calling the company "a straightforward organic growth story and a high-quality [commercial and industrial] focused community bank run by a solid management team," that is "somewhat under the radar due to its Indiana footprint and non-promotional management." James calls the company's earnings performance "outstanding with a very rare combination of solid organic loan growth, high profitability (1.20% [return on average assets], 13% [return on tangible equity]), good credit quality, and high capital levels." The market performance and price-to-earnings multiples for the "Big Four" U.S. bank holding companies stand in stark contrast to Sterne Agee's three defensive picks.
- Shares of Bank of America closed at $5.64 Friday, down 58% year-to-date. The shares were trading for 5.7 times the consensus 2012 EPS estimate of 99 cents and for just 0.4 times tangible book value.
- Citigroup closed at $28.17 Friday, down 40% yea-to-date, and trading for 6.4 times the consensus 2012 EPS estimate of $4.37 and 0.6 times tangible book value.
- JPMorgan Chase closed at $32.33 Friday, down 22% year-to-date. The shares traded for 6.6 times the consensus 2012 EPS estimate of $4.88 and just under tangible book value.
- Wells Fargo closed at $26.07 Friday, down 14% year-to-date. The shares traded for 8.1 times the consensus 2012 EPS estimate of $3.20 and 1.5 times tangible book value.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.