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7 Defensive Bank Stock Plays From FBR

PHH Corp.
Shares of PHH Corp. (PHH - Get Report) of Mount Laurel, N.J., closed at $15.99 Friday, returning 49% year-to-date, after falling 54% during 2011. The company originates mortgage loans, as well as providing a variety of mortgage loan related services to others. PHH also has a Fleet Management Services segment, providing an array of vehicle fleet financing services.

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The shares trade for 0.6 times their reported March 31 tangible book value $26.42, and for eight times the consensus 2013 earnings estimate of $2.06. The consensus 2013 EPS estimate is $2.28.

Miller's price target for PHH is $23, and the analyst estimates the company will report GAAP EPS of $2.54, with operating earnings of $1.95 during 2012, followed by EPS of $2.50 during 2013.

Last Tuesday, Miller added PHH to the "FBR Top Picks" list, saying that "higher origination expectations from the Mortgage Bankers Association (MBA) coupled with several headwinds for banks should position PHH to outperform the sector," and that "we continue to see a significant amount of value within the company's current platform and expect robust earnings going forward as management continues to take steps to address liquidity and costs and to solidify the core businesses."

Interested in more on PHH Corp.? See TheStreet Ratings' report card for this stock.

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