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7 Defensive Bank Stock Plays From FBR

Wells Fargo
Shares of Wells Fargo (WFC - Get Report) closed at $30.16 Friday, returning 11% year-to-date, following a 10% decline during 2011.

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Based on a quarterly payout of 22 cents, the shares have a dividend yield of 2.92%.

The shares trade for 1.9 times tangible book value, according to Thomson Reuters Bank Insight, and for eight times the consensus 2013 earnings estimate of $3.68, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $3.28.

Miller on Monday increased his 2012 GAAP EPS estimate for Wells Fargo to $3.30 from $3.23, and his operating earnings estimate to $3.23 from $3.12, "based on our expectation for increased mortgage banking revenue from higher originations to offset the negative impact of a lower net interest margin." The analyst also lowered his "FY13 GAAP and operating EPS estimates to $3.38 from $3.65 as earnings are negatively affected from falling asset yields and moderating origination volumes."

Miller left his price target for Wells Fargo's shares unchanged, at $39.00.

Interested in more on Wells Fargo? See TheStreet Ratings' report card for this stock.

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