NEW YORK ( TheStreet)--

Financial sector stocks have underperformed the broader market year to date, which may be a good reason to beef up bets in the sector.

The Financial Select Sector SPDR ( XLF), a popular exchange traded fund that tracks financial stocks, was down 6.71% year to date through the close of trading Monday, versus a 4.33% gain for the Dow Jones Industrial Average.

If the sector rebounds, it is possible the biggest pop will come from stocks that are out of favor with analysts. Which financial stocks do the analysts like least? There is one ranking system to give you the answer.

Bloomberg assigns stocks a number from one to five based on each analyst's recommendation, then calculates the average to show how Wall Street analysts as a group rate a particular stock. A rating of five would mean every analyst that covers the stock loves it, while a rating of one means every analyst hates the stock.

TheStreet took a look at the 83 financial stocks in the S&P 500 to see how analysts rate them.

TheStreet took a look at the 83 financial stocks in the S&P 500 to see how analysts rate them. Though Bloomberg includes real estate investment trusts among financial stocks, we don not, so we eliminated Weyerhaeuser ( WY) which would have come in first. We also took out Marshall & Ilsley ( MI), since it has agreed to be acquired by Bank of Montreal ( BMO).

Keep in mind that analysts may recommend a stock even if they think the company is badly run, has poor growth prospects, or a bunch of bad loans sitting on its books that it isn't owning up to, as long as it's cheap enough.

Also remember that analysts tend to be bullish as a group, mostly because they are afraid putting a "sell" on a stock may cause management to shut them out of the information loop. Keeping that in mind, here are the five financial stocks analysts hate.

Also, don't forget to take a look at five financial stocks analysts love.

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5. Assurant ( AIZ)

Bloomberg analyst consensus rating: 3.0

This specialty insurer operates in North America and in "select" worldwide markets. It has four operating segments: Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits which provide debt protection administration, credit-related insurance, warranties and service contracts, pre-funded funeral insurance, lender-placed homeowners insurance, manufactured housing homeowners insurance, individual health and small employer group health insurance, group dental insurance, group disability insurance, and group life insurance, according to Assurant's 10-K.

Its earnings per share and overall net income have declined every year since at least 2006, when it earned just over $717 million or $5.65 per share. In 2010, it earned roughly $279 million, or $2.52 per share.

Sterne Agee analyst John Nadel has a "neutral" rating on the stock and a $43 price target on the stock, which was at $35.53 mid-Tuesday.

"While we continue to believe downside risk is relatively limited given tangible book value per share at roughly $35, we nonetheless are not finding sufficient upside to recommend investors buy the stock," Nadel wrote in a March 30 note.

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4. Genworth Financial ( GNW)

Bloomberg analyst consensus rating: 2.88

Genworth's shares are more volatile than most life insurers due to its exposure to the mortgage insurance business. The company recently said it would sell its Medicare supplement business to Aetna ( AET), a unit that generated $13 million of operating earnings in 2010, according to a June 14 report from Sandler O'Neill. Sandler cut its price target on Genworth to $11 from $13 following the sale, maintaining its "Hold" rating. Genworth shares were at $10.28 early Tuesday.

The fate of Genworth and other players in the mortgage insurance segment depends in large part on new mortgage finance rules that are still being worked out. While most analysts believe the new rules will enhance the role of private mortgage insurance as they scale back the roles of Fannie Mae ( FNMA.OB), Freddie Mac ( FMCC.OB) and the Federal Housing Administration, lots of uncertainty remains.

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3. Hudson City Bancorp ( HCBK)

Bloomberg analyst consensus rating: 2.80

Hudson City was one of the better banks when it came to navigating the housing crisis but has run into trouble due to the continued low interest rate environment. Because Hudson City was positioned for a rise in interest rates that still hasn't come, regulators required the bank to restructure its balance sheet--a costly move that forced a dividend cut

FBR Capital Markets has an underperform on Hudson City and a $10 price target, compared to its $8.23 share price on Tuesday morning. Analyst Bob Ramsey notes that though most of the restructuring of the balance sheet has been completed, the company now faces higher insurance assessment costs from the Federal Deposit Insurance Corp. Ramsey notes those higher costs will add up to $70 million annually starting in the second quarter, increasing expenses by 25%.

"Hudson City is actively facing its challenges, but finds itself in a very difficult operating environment. Our Underperform is a relative rating, reflecting the challenges of Hudson City's business model as an originator of primarily 30-year fixed-rate loans in a prolonged low rate environment in competition with Fannie Mae and Freddie Mac , and facing heightened regulatory scrutiny," Ramsey writes.

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2. Regions Financial ( RF)

Bloomberg analyst consensus rating: 2.77

One of the more badly-beaten up of the large U.S. regional banks during the credit crisis, Regions is expected to return to steady profitability at the end of this year. Regions drew some negative coverage this month with a front page article in The Wall Street Journal June 13 stating the company's Board of Directors is investigating the timing of its public disclosures with regard to how its loans were performing.

The story caused a mild selloff in Regions' shares, though they quickly rebounded. In a note published the same day the article came out Sandler O'Neill analyst Kevin Fitzsimmons argued the issues highlighted by the story were not likely to impact the stock too negatively, partly because the timeframe highlighted by the story focused mostly on events in 2009. Also, Fitzsimmons believes the story would reignite expectations for a sale of Regions--expectations that appeared to underpin a big rally in Regions shares in late 2010 and early 2011.

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1. Federated Investors ( FII)

Bloomberg analyst consensus rating: 2.69

Pittsburgh-based Federated is one of the largest money managers in the U.S., with a big focus on short-dated fixed-income products such as money market funds. That focus has hurt in the extended low interest rate environment, as asset managers such as Federated have had to waive their customary fees on such products to compensate investors for anemic returns.

Federated saw its earnings fall by nearly 20% in 2010, when it earned $1.65 per share. Sandler O'Neill analyst Michael Kim expects Federated to earn $1.73 this year, representing earnings growth of 4.8%. He cut his estimates following the company's first quarter conference call, which he termed "disappointing." In addition to the money market fee waiver issue, Kim noted Federated's assets under management are declining and equity fund performance, while improving, trails that of many of Federated's peers. Kim has a "hold" and a $27 price target on Federated. The shares were trading at $24.95 late Tuesday morning, up on the day but still down 4.66% for the year.

>>To see these stocks in action, visit the 5 Financial Stocks Analysts Hate portfolio on Stockpickr.

-- Written by Dan Freed in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.