16 U.S. Banking Institutions Recognized for Exceptional Track
Record
Company Website:
http://kbw.com/
NEW YORK -- (Business Wire)
KBW, a full-service, boutique investment bank and broker-dealer that
specializes in the financial services sector, and a wholly owned
subsidiary of Stifel Financial Corp. (NYSE: SF), today named 16 U.S.
banking institutions to its coveted “Bank Honor Roll” of superior
performers.
Honor Roll winners are publicly traded banking institutions with more
than $500 million in total assets that consistently reported increases
in earnings per share over the last eight years since the 2009 financial
crisis.
KBW found that 16 banking institutions, out of nearly 370 total
companies screened, qualify for inclusion on the KBW Bank Honor Roll.
The 16 members named to this year’s KBW Bank Honor Roll are:
Associated Banc-Corp. (ASB), BancFirst Corporation
(BANF), Colony Bankcorp, Inc. (CBAN), Eagle Bancorp,
Inc. (EGBN), East West Bancorp, Inc. (EWBC), First
Defiance Financial Corp. (FDEF), First Financial Bankshares, Inc.
(FFIN), First Savings Financial Group, Inc. (FSFG), Fulton
Financial Corporation (FULT), German American Bancorp, Inc.
(GABC), Greene County Bancorp, Inc. (GCBC), Lakeland Financial
Corporation (LKFN), ServisFirst Bancshares, Inc. (SFBS), U.S.
Bancorp (USB), Webster Financial Corporation (WBS) and Western
Alliance Bancorporation (WAL).
“The KBW Bank Honor Roll recognizes a distinguished group of performers
that exhibited consistent growth in the post-financial crisis period,
which was one of the most inconsistent and difficult periods in U.S.
banking history,” noted Thomas Michaud, KBW President & CEO. “Over the
past eight years, these banks consistently set themselves apart from
their peers despite a challenging yield curve environment and stagnant
loan growth, and this garnered them both premium valuations and
performance trends. These companies have proven a consistency which is
difficult to come by, and we believe the KBW Bank Honor Roll members are
well-positioned to continue to succeed.”
In terms of stock price performance, Bank Honor Roll companies
significantly outperformed the banking industry during the five-year
period between 2012 and 2017.
Over the five-year period between 2012 and 2017, the KBW Bank Honor Roll
members posted significantly better-than-industry average price
performance, rising 22.6% compounded annually on a median basis. This
represents significant outperformance relative to both the KBW Nasdaq
Bank Index (BKX) and the KBW Nasdaq Regional Banking Index’s (KRX)
five-year compound annual growth rates (CAGR) of 15.8% and 15.0%,
respectively. In addition to outperforming their banking peers, the KBW
Bank Honor Roll members also outperformed the broader market, as
represented by the S&P 500 Index (SPX), which posted a CAGR of 13.4%
over the equivalent time period.
KBW Bank Honor Roll members also trade at a premium to their banking
peers. At year-end 2017, BKX and KRX banks traded at 12.4x and 13.8x
consensus '18 EPS estimates, respectively. KBW Bank Honor Roll members
traded at an even greater premium of 15.8x, on a median basis.
Similarly, at year-end 2017, BKX and KRX banks traded at 1.9x and 1.7x
book value, respectively. KBW Bank Honor Roll members traded at 2.2x, on
a median basis.
In addition, KBW Honor Roll banks have better-than-industry performance
ratios and growth rates when compared to the publicly traded bank
universe with total assets over $500 million.
So far, 2018 has proved to be challenging for stock performance but bank
stocks have outperformed. In the first quarter of 2018, KBW Bank Honor
Roll members outperformed both their banking peers and the market,
rising 3.4% on a median basis. Over the same period, the SPX fell 1.2%
as the BKX fell a more modest 0.2% and the KRX advanced 0.9%
About KBW
KBW (Keefe, Bruyette & Woods, Inc., operating in the U.S., and Stifel
Nicolaus Europe Limited, also trading as Keefe, Bruyette & Woods Europe,
operating in Europe) is a Stifel company. Over the years, KBW has
established itself as a leading independent authority in the banking,
insurance, brokerage, asset management, mortgage banking and specialty
finance sectors. Founded in 1962, the firm maintains industry‐leading
positions in the areas of research, corporate finance, mergers and
acquisitions as well as sales and trading in equities securities of
financial services companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180423005427/en/
Contacts:
Press:
Stifel Financial Corp.
Neil Shapiro, 212-271-3447
shapiron@stifel.com
or
Intermarket
Communications
Mike Gelormino, 212-754-5479
mgelormino@intermarket.com
Source: Keefe, Bruyette & Woods, Inc.
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