Last night I was at the Towson University?International Markets Summit. ?I’m grateful to the students for inviting me, as it is an honor. ?During the presentation, I mentioned the book “Accounting for Value” by Stephen Penman. ?I reviewed the book two years ago. ?A great book, and one that should lead readers to modify their views on value investing.
But one aspect of the book was easy to implement, he cited his paper that you can read here,?Returns to Buying Earnings and Book Value: Accounting for Growth and Risk. ?Buy the stocks that are the cheapest as measured by the highest quintiles of book value to price, and trailing twelve month earnings per share to price.
I ran this analysis for all US-traded stocks with over $100 million of market capitalization. ?Here are the results:
| Company | Ticker | Industry | Country | B/P | E/P |
| Petrobras Argentina SA ADR | PZE | 0606 – Oil & Gas – Integrated | Argentina |
1.26 |
7.95 |
| Pampa Energia S.A. (ADR) | PAM | 1203 – Electric Utilities | Argentina |
0.83 |
11.41 |
| OMV AG (ADR) | OMVKY | 0609 – Oil & Gas Operations | Austria |
1.13 |
11.33 |
| Validus Holdings, Ltd. | VR | 0709 – Insurance (Life) | Bermuda |
1 |
13.3 |
| Everest Re Group Ltd | RE | 0715 – Insurance (Property & Casualty) | Bermuda |
0.88 |
15.35 |
| Maiden Holdings, Ltd. | MHLD | 0715 – Insurance (Property & Casualty) | Bermuda |
0.93 |
10.11 |
| Montpelier Re Holdings Ltd. | MRH | 0715 – Insurance (Property & Casualty) | Bermuda |
0.99 |
11.83 |
| Axis Capital Holdings Limited | AXS | 0715 – Insurance (Property & Casualty) | Bermuda |
1.01 |
13.2 |
| Platinum Underwriters Holdings | PTP | 0715 – Insurance (Property & Casualty) | Bermuda |
1.02 |
11.25 |
| White Mountains Insurance Grou | WTM | 0715 – Insurance (Property & Casualty) | Bermuda |
1.07 |
8.49 |
| Aspen Insurance Holdings Limit | AHL | 0715 – Insurance (Property & Casualty) | Bermuda |
1.12 |
9.61 |
| Assured Guaranty Ltd. | AGO | 0715 – Insurance (Property & Casualty) | Bermuda |
1.18 |
18.59 |
| Partnerre Ltd | PRE | 0715 – Insurance (Property & Casualty) | Bermuda |
1.23 |
10.75 |
| Argo Group International Holdi | AGII | 0715 – Insurance (Property & Casualty) | Bermuda |
1.27 |
11.55 |
| Endurance Specialty Holdings L | ENH | 0715 – Insurance (Property & Casualty) | Bermuda |
1.31 |
12.55 |
| Gerdau SA (ADR) | GGB | 0121 – Iron & Steel | Brazil |
1.32 |
6.84 |
| Gafisa SA (ADR) | GFA | 0215 – Construction Services | Brazil |
2.04 |
15.52 |
| Petroleo Brasileiro Petrobras | PBR | 0606 – Oil & Gas – Integrated | Brazil |
1.67 |
13.2 |
| Telefonica Brasil SA (ADR) | VIV | 0915 – Communications Services | Brazil |
0.85 |
7.58 |
| Companhia de Saneamento Basico | SBS | 1209 – Water Utilities | Brazil |
0.89 |
8.57 |
| Endeavour Silver Corp | EXK | 0118 – Gold & Silver | Canada |
0.89 |
9.9 |
| Teck Resources Ltd (USA) | TCK | 0124 – Metal Mining | Canada |
1.33 |
6.84 |
| TransGlobe Energy Corporation | TGA | 0609 – Oil & Gas Operations | Canada |
0.85 |
10.03 |
| Granite Real Estate Investment | GRP.U | 0933 – Real Estate Operations | Canada |
0.87 |
7.53 |
| Brookfield Office Properties I | BPO | 0933 – Real Estate Operations | Canada |
1.08 |
10.08 |
| Boardwalk REIT (USA) | BOWFF | 0933 – Real Estate Operations | Canada |
1.14 |
11.54 |
| Greenlight Capital Re, Ltd. | GLRE | 0715 – Insurance (Property & Casualty) | Cayman Islands |
0.9 |
19.45 |
| Sinopec Shanghai Petrochemical | SHI | 0103 – Chemical Manufacturing | China |
1.52 |
11 |
| Yongye International, Inc | YONG | 0103 – Chemical Manufacturing | China |
1.65 |
43.36 |
| China XD Plastics Co Ltd | CXDC | 0109 – Containters & Packaging | China |
1.13 |
22.71 |
| Lihua International Inc | LIWA | 0127 – Misc. Fabricated Products | China |
2.31 |
41.21 |
| Xinyuan Real Estate Co., Ltd. | XIN | 0215 – Construction Services | China |
5.22 |
42.83 |
| China Automotive Systems, Inc. | CAAS | 0415 – Auto & Truck Parts | China |
0.99 |
11.04 |
| China Petroleum & Chemical Cor | SNP | 0609 – Oil & Gas Operations | China |
0.87 |
10.11 |
| Concord Medical Services Hldg | CCM | 0806 – Healthcare Facilities | China |
3.06 |
12.45 |
| China Telecom Corporation Limi | CHA | 0915 – Communications Services | China |
1.17 |
7.03 |
| Xueda Education Group (ADR) | XUE | 0969 – Schools | China |
0.84 |
6.63 |
| Changyou.Com Ltd (ADR) | CYOU | 1018 – Computer Services | China |
1.23 |
20.92 |
| Nam Tai Electronics, Inc. | NTE | 1024 – Electronic Instruments & Controls | China |
1.11 |
21.58 |
| Jinpan International Limited | JST | 1024 – Electronic Instruments & Controls | China |
1.7 |
13.36 |
| Semiconductor Manufacturing In | SMI | 1033 – Semiconductors | China |
0.96 |
8.06 |
| China Eastern Airlines Corp. L | CEA | 1106 – Airline | China |
1.05 |
12.11 |
| China Southern Airlines Co Ltd | ZNH | 1106 – Airline | China |
1.7 |
13.19 |
| Guangshen Railway Co. Ltd (ADR | GSH | 1112 – Railroads | China |
1.34 |
6.64 |
| Axa SA (ADR) | AXAHY | 0709 – Insurance (Life) | France |
1.19 |
9.46 |
| Volkswagen AG (ADR) | VLKAY | 0412 – Auto & Truck Manufacturers | Germany |
0.94 |
9.73 |
| Allianz SE (ADR) | AZSEY | 0715 – Insurance (Property & Casualty) | Germany |
0.92 |
11.08 |
| E.ON SE (ADR) | EONGY | 1203 – Electric Utilities | Germany |
1.28 |
8.17 |
| National Bank of Greece (ADR) | NBG | 0727 – Regional Banks | Greece |
2 |
131.03 |
| Capital Product Partners L.P. | CPLP | 1118 – Water Transportation | Greece |
0.83 |
10.36 |
| Safe Bulkers, Inc. | SB | 1118 – Water Transportation | Greece |
0.83 |
11.99 |
| StealthGas Inc. | GASS | 1118 – Water Transportation | Greece |
1.32 |
9.08 |
| Navios Maritime Holdings Inc. | NM | 1118 – Water Transportation | Greece |
1.32 |
13.4 |
| Sun Hung Kai Properties Limite | SUHJY | 0215 – Construction Services | Hong Kong |
1.44 |
15.22 |
| Hysan Development Company Limi | HYSNY | 0215 – Construction Services | Hong Kong |
1.66 |
20.18 |
| Tai Cheung Holdings Ltd (ADR) | TAICY | 0215 – Construction Services | Hong Kong |
2.11 |
34.38 |
| Le Gaga Holdings Ltd ADR | GAGA | 0509 – Crops | Hong Kong |
1.55 |
14.63 |
| Bank of East Asia Ltd. (ADR), | BKEAY | 0727 – Regional Banks | Hong Kong |
0.85 |
8.78 |
| Iao Kun Group Holding Co Ltd | IKGH | 0912 – Casinos & Gaming | Hong Kong |
1.36 |
12.89 |
| Cheung Kong (Holdings) Limited | CHEUY | 0933 – Real Estate Operations | Hong Kong |
1.16 |
11.07 |
| Seaspan Corporation | SSW | 1118 – Water Transportation | Hong Kong |
1.05 |
15.2 |
| Magyar Telekom Tavkozlesi Nyrt | MYTAY | 0915 – Communications Services | Hungary |
1.34 |
6.66 |
| XL Group plc | XL | 0715 – Insurance (Property & Casualty) | Ireland |
1.12 |
11.72 |
| Fly Leasing Ltd(ADR) | FLY | 0939 – Rental & Leasing | Ireland |
1.3 |
17.39 |
| Ellomay Capital Ltd. | ELLO | 1033 – Semiconductors | Israel |
0.93 |
10.95 |
| FUJIFILM Holdings Corp. (ADR) | FUJIY | 0112 – Fabricated Plastic & Rubber | Japan |
1.55 |
6.64 |
| Kobe Steel, Ltd. (ADR) | KBSTY | 0121 – Iron & Steel | Japan |
1.47 |
14.7 |
| Mitsui & Co Ltd (ADR) | MITSY | 0218 – Misc. Capital Goods | Japan |
1.33 |
13.26 |
| Wacoal Holdings Corporation (A | WACLY | 0403 – Apparel/Accessories | Japan |
1.45 |
7.14 |
| Toyota Motor Corp (ADR) | TM | 0412 – Auto & Truck Manufacturers | Japan |
0.82 |
10.5 |
| Honda Motor Co Ltd (ADR) | HMC | 0412 – Auto & Truck Manufacturers | Japan |
0.92 |
7.61 |
| Nissan Motor Co., Ltd. (ADR) | NSANY | 0412 – Auto & Truck Manufacturers | Japan |
1.11 |
10.04 |
| Nomura Holdings, Inc. (ADR) | NMR | 0718 – Investment Services | Japan |
1.09 |
10.18 |
| Mizuho Financial Group Inc. (A | MFG | 0727 – Regional Banks | Japan |
1.13 |
14.9 |
| Sumitomo Mitsui Financial Grp, | SMFG | 0727 – Regional Banks | Japan |
1.28 |
16.67 |
| Mitsubishi UFJ Financial Group | MTU | 0727 – Regional Banks | Japan |
1.53 |
13.67 |
| Nippon Telegraph & Telephone C | NTT | 0915 – Communications Services | Japan |
1.39 |
8.93 |
| ORIX Corporation (ADR) | IX | 0939 – Rental & Leasing | Japan |
0.98 |
7.59 |
| Ternium S.A. (ADR) | TX | 0121 – Iron & Steel | Luxembourg |
0.89 |
7.61 |
| ING Groep NV (ADR) | ING | 0709 – Insurance (Life) | Netherlands |
1.14 |
9.46 |
| VimpelCom Ltd (ADR) | VIP | 0915 – Communications Services | Netherlands |
0.93 |
13.67 |
| ASM International NV (ADR) | ASMI | 1033 – Semiconductors | Netherlands |
1.01 |
74.95 |
| Petroleum Geo-Services ASA (AD | PGSVY | 0612 – Oil Well Services & Equipment | Norway |
0.81 |
9.85 |
| Banco Latinoamericano Comerc E | BLX | 0727 – Regional Banks | Panama |
0.85 |
8.39 |
| Compania de Minas Buenaventura | BVN | 0118 – Gold & Silver | Peru |
1.18 |
10.05 |
| OFG Bancorp | OFG | 0727 – Regional Banks | Puerto Rico |
0.93 |
11.04 |
| Popular Inc | BPOP | 0727 – Regional Banks | Puerto Rico |
1.52 |
19.77 |
| Triple-S Management Corp. | GTS | 0806 – Healthcare Facilities | Puerto Rico |
1.79 |
12.52 |
| LUKOIL (ADR) | LUKOY | 0606 – Oil & Gas – Integrated | Russian Federation |
1.91 |
19.08 |
| China Yuchai International Lim | CYD | 0218 – Misc. Capital Goods | Singapore |
1.2 |
15.34 |
| Net 1 UEPS Technologies Inc | UEPS | 0703 – Consumer Financial Services | South Africa |
0.91 |
6.79 |
| POSCO (ADR) | PKX | 0121 – Iron & Steel | South Korea |
1.72 |
6.97 |
| Shinhan Financial Group Co., L | SHG | 0727 – Regional Banks | South Korea |
1.24 |
8.42 |
| Woori Finance Holdings Co., Lt | WF | 0727 – Regional Banks | South Korea |
1.91 |
9.86 |
| SK Telecom Co., Ltd. (ADR) | SKM | 0915 – Communications Services | South Korea |
0.89 |
11.87 |
| Repsol SA (ADR) | REPYY | 0606 – Oil & Gas – Integrated | Spain |
1.06 |
7.93 |
| Transocean LTD | RIG | 0612 – Oil Well Services & Equipment | Switzerland |
1.14 |
9.54 |
| ACE Limited | ACE | 0715 – Insurance (Property & Casualty) | Switzerland |
0.84 |
10.92 |
| Allied World Assurance Co Hold | AWH | 0715 – Insurance (Property & Casualty) | Switzerland |
1 |
11.73 |
| United Microelectronics Corp ( | UMC | 1033 – Semiconductors | Taiwan |
1.3 |
8.02 |
| Silicon Motion Technology Corp | SIMO | 1033 – Semiconductors | Taiwan |
1.96 |
19.74 |
| BP plc (ADR) | BP | 0606 – Oil & Gas – Integrated | United Kingdom |
0.85 |
15.1 |
| Noble Corporation PLC | NE | 0612 – Oil Well Services & Equipment | United Kingdom |
1.08 |
10.05 |
| Subsea 7 SA (ADR) | SUBCY | 0612 – Oil Well Services & Equipment | United Kingdom |
1.09 |
7.02 |
| ENSCO PLC | ESV | 0612 – Oil Well Services & Equipment | United Kingdom |
1.11 |
12.2 |
| Rowan Companies PLC | RDC | 0612 – Oil Well Services & Equipment | United Kingdom |
1.3 |
6.71 |
| HSBC Holdings plc (ADR) | HSBC | 0727 – Regional Banks | United Kingdom |
0.94 |
8.09 |
| Vodafone Group Plc (ADR) | VOD | 0915 – Communications Services | United Kingdom |
1.47 |
31.68 |
| J Sainsbury plc (ADR) | JSAIY | 0957 – Retail (Grocery) | United Kingdom |
0.96 |
10.57 |
| Global Ship Lease, Inc. | GSL | 1118 – Water Transportation | United Kingdom |
2.11 |
16.62 |
| Cliffs Natural Resources Inc | CLF | 0124 – Metal Mining | United States |
1.87 |
12.76 |
| M.D.C. Holdings, Inc. | MDC | 0215 – Construction Services | United States |
0.91 |
23.28 |
| M/I Homes Inc | MHO | 0215 – Construction Services | United States |
0.92 |
27.21 |
| URS Corp | URS | 0215 – Construction Services | United States |
1.16 |
7.02 |
| Mestek, Inc. | MCCK | 0218 – Misc. Capital Goods | United States |
0.98 |
11.53 |
| General Motors Company | GM | 0412 – Auto & Truck Manufacturers | United States |
0.83 |
7.98 |
| Rocky Brands Inc | RCKY | 0418 – Footwear | United States |
1.21 |
6.82 |
| Johnson Outdoors Inc. | JOUT | 0430 – Recreational Products | United States |
0.87 |
7.83 |
| LeapFrog Enterprises, Inc. | LF | 0430 – Recreational Products | United States |
0.89 |
17.58 |
| Yasheng Group | HERB | 0509 – Crops | United States |
11.77 |
70.4 |
| Seaboard Corporation | SEB | 0515 – Food Processing | United States |
0.82 |
6.77 |
| John B. Sanfilippo & Son, Inc. | JBSS | 0515 – Food Processing | United States |
0.84 |
8.55 |
| Omega Protein Corporation | OME | 0515 – Food Processing | United States |
1.01 |
12.24 |
| Ennis, Inc. | EBF | 0518 – Office Supplies | United States |
0.92 |
8.43 |
| ACCO Brands Corporation | ACCO | 0518 – Office Supplies | United States |
1.01 |
11.07 |
| Universal Corp | UVV | 0524 – Tobacco | United States |
0.93 |
10.8 |
| Hess Corp. | HES | 0609 – Oil & Gas Operations | United States |
0.86 |
12.86 |
| Approach Resources Inc. | AREX | 0609 – Oil & Gas Operations | United States |
0.93 |
9.48 |
| Equal Energy Ltd. (USA) | EQU | 0609 – Oil & Gas Operations | United States |
0.96 |
9.38 |
| Sandridge Mississippian Trust | SDT | 0609 – Oil & Gas Operations | United States |
1.49 |
63.59 |
| PHI Inc. | PHII | 0612 – Oil Well Services & Equipment | United States |
0.85 |
8.96 |
| Medallion Financial Corp | TAXI | 0703 – Consumer Financial Services | United States |
0.94 |
9.13 |
| CIT Group Inc. | CIT | 0703 – Consumer Financial Services | United States |
0.96 |
7.26 |
| Goldman Sachs Group Inc | GS | 0703 – Consumer Financial Services | United States |
0.97 |
10.16 |
| Ellington Financial LLC | EFC | 0703 – Consumer Financial Services | United States |
1.04 |
13.7 |
| Walter Investment Management C | WAC | 0703 – Consumer Financial Services | United States |
1.11 |
23.94 |
| Chimera Investment Corporation | CIM | 0703 – Consumer Financial Services | United States |
1.12 |
11.58 |
| PHH Corporation | PHH | 0703 – Consumer Financial Services | United States |
1.19 |
9.68 |
| EZCORP Inc | EZPW | 0703 – Consumer Financial Services | United States |
1.58 |
7.55 |
| WellPoint Inc | WLP | 0706 – Insurance (Accident & Health) | United States |
0.89 |
9.52 |
| Employers Holdings, Inc. | EIG | 0706 – Insurance (Accident & Health) | United States |
0.93 |
10.46 |
| Reinsurance Group of America I | RGA | 0706 – Insurance (Accident & Health) | United States |
1.08 |
7.49 |
| American Equity Investment Lif | AEL | 0709 – Insurance (Life) | United States |
0.86 |
16.77 |
| Protective Life Corp. | PL | 0709 – Insurance (Life) | United States |
0.92 |
9.76 |
| FBL Financial Group | FFG | 0709 – Insurance (Life) | United States |
0.96 |
9.73 |
| Unum Group | UNM | 0709 – Insurance (Life) | United States |
0.98 |
9.55 |
| Assurant, Inc. | AIZ | 0709 – Insurance (Life) | United States |
1 |
9.67 |
| Lincoln National Corporation | LNC | 0709 – Insurance (Life) | United States |
1.07 |
9.76 |
| Symetra Financial Corporation | SYA | 0709 – Insurance (Life) | United States |
1.23 |
8.64 |
| CNO Financial Group Inc | CNO | 0709 – Insurance (Life) | United States |
1.29 |
12.39 |
| Imperial Holdings, Inc. | IFT | 0709 – Insurance (Life) | United States |
1.38 |
37.03 |
| National Western Life Insuranc | NWLI | 0709 – Insurance (Life) | United States |
1.63 |
10.85 |
| Genworth Financial Inc | GNW | 0709 – Insurance (Life) | United States |
1.72 |
6.87 |
| Fortegra Financial Corp | FRF | 0712 – Insurance (Miscellaneous) | United States |
1.28 |
8.18 |
| Allstate Corporation, The | ALL | 0715 – Insurance (Property & Casualty) | United States |
0.82 |
8.75 |
| HCC Insurance Holdings, Inc. | HCC | 0715 – Insurance (Property & Casualty) | United States |
0.82 |
8.92 |
| State Auto Financial Corp | STFC | 0715 – Insurance (Property & Casualty) | United States |
0.83 |
6.92 |
| Stewart Information Services C | STC | 0715 – Insurance (Property & Casualty) | United States |
0.83 |
7.96 |
| Safety Insurance Group, Inc. | SAFT | 0715 – Insurance (Property & Casualty) | United States |
0.84 |
7.39 |
| Investors Title Company | ITIC | 0715 – Insurance (Property & Casualty) | United States |
0.86 |
9.85 |
| First American Financial Corp | FAF | 0715 – Insurance (Property & Casualty) | United States |
0.87 |
6.75 |
| American Financial Group Inc | AFG | 0715 – Insurance (Property & Casualty) | United States |
0.87 |
9.15 |
| ProAssurance Corporation | PRA | 0715 – Insurance (Property & Casualty) | United States |
0.87 |
10.86 |
| Old Republic International Cor | ORI | 0715 – Insurance (Property & Casualty) | United States |
0.88 |
10.53 |
| Selective Insurance Group | SIGI | 0715 – Insurance (Property & Casualty) | United States |
0.9 |
8.51 |
| Horace Mann Educators Corporat | HMN | 0715 – Insurance (Property & Casualty) | United States |
0.91 |
9.6 |
| Kemper Corp | KMPR | 0715 – Insurance (Property & Casualty) | United States |
0.95 |
9.64 |
| Baldwin & Lyons Inc | BWINB | 0715 – Insurance (Property & Casualty) | United States |
0.98 |
9.42 |
| Hanover Insurance Group, Inc., | THG | 0715 – Insurance (Property & Casualty) | United States |
0.99 |
9.44 |
| Alleghany Corporation | Y | 0715 – Insurance (Property & Casualty) | United States |
1.01 |
9.15 |
| EMC Insurance Group Inc. | EMCI | 0715 – Insurance (Property & Casualty) | United States |
1.02 |
9.88 |
| United Fire Group, Inc. | UFCS | 0715 – Insurance (Property & Casualty) | United States |
1.05 |
10.3 |
| Navigators Group, Inc, The | NAVG | 0715 – Insurance (Property & Casualty) | United States |
1.09 |
7.68 |
| Cna Financial Corp | CNA | 0715 – Insurance (Property & Casualty) | United States |
1.1 |
8.15 |
| American International Group I | AIG | 0715 – Insurance (Property & Casualty) | United States |
1.34 |
12 |
| American National Insurance Co | ANAT | 0715 – Insurance (Property & Casualty) | United States |
1.4 |
8.99 |
| MBIA Inc. | MBI | 0715 – Insurance (Property & Casualty) | United States |
1.45 |
10.86 |
| FBR & Co | FBRC | 0718 – Investment Services | United States |
1.03 |
29.21 |
| KKR Financial Holdings LLC | KFN | 0718 – Investment Services | United States |
1.05 |
11.24 |
| NASDAQ OMX Group, Inc. | NDAQ | 0718 – Investment Services | United States |
1.13 |
6.66 |
| Piper Jaffray Companies | PJC | 0718 – Investment Services | United States |
1.17 |
7.42 |
| Primus Guaranty, Ltd. | PRSG | 0718 – Investment Services | United States |
1.25 |
50.12 |
| Arlington Asset Investment Cor | AI | 0718 – Investment Services | United States |
1.28 |
11.6 |
| Oppenheimer Holdings Inc. (USA | OPY | 0718 – Investment Services | United States |
1.34 |
6.71 |
| CIFC Corp | CIFC | 0718 – Investment Services | United States |
1.73 |
9.51 |
| JPMorgan Chase & Co. | JPM | 0724 – Money Center Banks | United States |
0.98 |
7.39 |
| First National Bank Alaska | FBAK | 0727 – Regional Banks | United States |
0.81 |
6.61 |
| Old National Bancorp | ONB | 0727 – Regional Banks | United States |
0.81 |
7 |
| Sandy Spring Bancorp Inc. | SASR | 0727 – Regional Banks | United States |
0.81 |
7.28 |
| TowneBank | TOWN | 0727 – Regional Banks | United States |
0.81 |
7.52 |
| Fidelity Southern Corporation | LION | 0727 – Regional Banks | United States |
0.81 |
10.35 |
| Central Pacific Financial Corp | CPF | 0727 – Regional Banks | United States |
0.81 |
21.18 |
| Cascade Bancorp | CACB | 0727 – Regional Banks | United States |
0.81 |
22.18 |
| LCNB Corp. | LCNB | 0727 – Regional Banks | United States |
0.82 |
6.69 |
| S & T Bancorp Inc | STBA | 0727 – Regional Banks | United States |
0.83 |
7.38 |
| Great Southern Bancorp, Inc. | GSBC | 0727 – Regional Banks | United States |
0.83 |
8.55 |
| ESB Financial Corporation | ESBF | 0727 – Regional Banks | United States |
0.84 |
6.88 |
| WesBanco, Inc. | WSBC | 0727 – Regional Banks | United States |
0.84 |
7.15 |
| Trustmark Corp | TRMK | 0727 – Regional Banks | United States |
0.84 |
7.28 |
| KeyCorp | KEY | 0727 – Regional Banks | United States |
0.84 |
7.3 |
| MidWestOne Financial Group, In | MOFG | 0727 – Regional Banks | United States |
0.84 |
8.77 |
| Bar Harbor Bankshares | BHB | 0727 – Regional Banks | United States |
0.84 |
9.1 |
| Seacoast Banking Corporation o | SBCF | 0727 – Regional Banks | United States |
0.84 |
21.31 |
| First Bancorp Inc | FNLC | 0727 – Regional Banks | United States |
0.85 |
7.39 |
| Mercantile Bank Corp. | MBWM | 0727 – Regional Banks | United States |
0.85 |
9.45 |
| Heritage Financial Group Inc | HBOS | 0727 – Regional Banks | United States |
0.86 |
7.23 |
| MainSource Financial Group Inc | MSFG | 0727 – Regional Banks | United States |
0.86 |
7.33 |
| Norwood Financial Corporation | NWFL | 0727 – Regional Banks | United States |
0.86 |
7.9 |
| Fulton Financial Corp | FULT | 0727 – Regional Banks | United States |
0.87 |
6.82 |
| Pulaski Financial Corp | PULB | 0727 – Regional Banks | United States |
0.88 |
6.85 |
| Washington Federal Inc. | WAFD | 0727 – Regional Banks | United States |
0.88 |
6.87 |
| International Bancshares Corp | IBOC | 0727 – Regional Banks | United States |
0.89 |
7.93 |
| Lakeland Bancorp, Inc. | LBAI | 0727 – Regional Banks | United States |
0.9 |
6.84 |
| Northrim BanCorp, Inc. | NRIM | 0727 – Regional Banks | United States |
0.9 |
7.67 |
| BCB Bancorp, Inc. | BCBP | 0727 – Regional Banks | United States |
0.9 |
7.91 |
| ACNB Corporation | ACNB | 0727 – Regional Banks | United States |
0.9 |
8.14 |
| Intermountain Community Bancor | IMCB | 0727 – Regional Banks | United States |
0.9 |
9.74 |
| First Financial Corp | THFF | 0727 – Regional Banks | United States |
0.91 |
7.44 |
| Farmers & Merchants Bancorp In | FMAO | 0727 – Regional Banks | United States |
0.91 |
7.8 |
| Southeastern Bank Financial Co | SBFC | 0727 – Regional Banks | United States |
0.91 |
11.29 |
| Isabella Bank Corp | ISBA | 0727 – Regional Banks | United States |
0.92 |
6.95 |
| First Merchants Corporation | FRME | 0727 – Regional Banks | United States |
0.93 |
6.76 |
| Wintrust Financial Corp | WTFC | 0727 – Regional Banks | United States |
0.93 |
7.12 |
| First Citizens BancShares Inc. | FCNCA | 0727 – Regional Banks | United States |
0.94 |
7.57 |
| Firstbank Corporation | FBMI | 0727 – Regional Banks | United States |
0.94 |
8.03 |
| Century Bancorp, Inc. | CNBKA | 0727 – Regional Banks | United States |
0.95 |
10.72 |
| Central Valley Community Banco | CVCY | 0727 – Regional Banks | United States |
0.96 |
6.62 |
| PNC Financial Services Group I | PNC | 0727 – Regional Banks | United States |
0.96 |
8.94 |
| American National BankShares I | AMNB | 0727 – Regional Banks | United States |
0.96 |
9.01 |
| Capital One Financial Corp. | COF | 0727 – Regional Banks | United States |
0.97 |
9.95 |
| Provident Financial Services, | PFS | 0727 – Regional Banks | United States |
0.99 |
6.92 |
| NASB Financial, Inc. | NASB | 0727 – Regional Banks | United States |
0.99 |
11 |
| Flagstar Bancorp Inc | FBC | 0727 – Regional Banks | United States |
1.01 |
21.87 |
| First Defiance Financial | FDEF | 0727 – Regional Banks | United States |
1.02 |
8.35 |
| MidSouth Bancorp, Inc. | MSL | 0727 – Regional Banks | United States |
1.03 |
6.96 |
| C&F Financial Corp | CFFI | 0727 – Regional Banks | United States |
1.04 |
13.4 |
| First Community Bancshares Inc | FCBC | 0727 – Regional Banks | United States |
1.05 |
7.25 |
| Provident Financial Holdings, | PROV | 0727 – Regional Banks | United States |
1.05 |
8.78 |
| Chemung Financial Corp. | CHMG | 0727 – Regional Banks | United States |
1.06 |
6.7 |
| Territorial Bancorp Inc | TBNK | 0727 – Regional Banks | United States |
1.08 |
7.23 |
| Berkshire Hills Bancorp, Inc. | BHLB | 0727 – Regional Banks | United States |
1.09 |
6.61 |
| Regions Financial Corporation | RF | 0727 – Regional Banks | United States |
1.09 |
7.73 |
| Old Second Bancorp Inc. | OSBC | 0727 – Regional Banks | United States |
1.1 |
113.32 |
| Farmers Capital Bank Corp | FFKT | 0727 – Regional Banks | United States |
1.14 |
7.7 |
| Premier Financial Bancorp, Inc | PFBI | 0727 – Regional Banks | United States |
1.18 |
10.46 |
| FIRST FINANCIAL NORTHWEST, INC | FFNW | 0727 – Regional Banks | United States |
1.18 |
14.46 |
| Intervest Bancshares Corp | IBCA | 0727 – Regional Banks | United States |
1.19 |
8.37 |
| MBT Financial Corp. | MBTF | 0727 – Regional Banks | United States |
1.23 |
28.89 |
| New Hampshire Thrift Bancshare | NHTB | 0727 – Regional Banks | United States |
1.26 |
7.66 |
| MVB Financial Corp | MVBF | 0727 – Regional Banks | United States |
1.29 |
10.03 |
| Citigroup Inc | C | 0727 – Regional Banks | United States |
1.3 |
8.73 |
| Susquehanna Bancshares Inc | SUSQ | 0727 – Regional Banks | United States |
1.31 |
8.42 |
| QCR Holdings, Inc. | QCRH | 0727 – Regional Banks | United States |
1.44 |
12.41 |
| First Niagara Financial Group | FNFG | 0727 – Regional Banks | United States |
1.45 |
8.28 |
| First Citizens Bancorporation, | FCBN | 0727 – Regional Banks | United States |
1.5 |
9.95 |
| Farmers & Merchants Bank (Long | FMBL | 0909 – Business Services | United States |
0.98 |
8.05 |
| Kelly Services, Inc. | KELYA | 0909 – Business Services | United States |
1.02 |
7.21 |
| Lakes Entertainment, Inc. | LACO | 0912 – Casinos & Gaming | United States |
1.01 |
14.29 |
| Black Box Corporation | BBOX | 0915 – Communications Services | United States |
1.38 |
7.36 |
| Iridium Communications Inc. | IRDM | 0915 – Communications Services | United States |
1.72 |
10.16 |
| Courier Corporation | CRRC | 0927 – Printing & Publishing | United States |
0.86 |
6.72 |
| CSS Industries Inc | CSS | 0927 – Printing & Publishing | United States |
1.08 |
7.53 |
| Blackstone Mortgage Trust Inc | BXMT | 0933 – Real Estate Operations | United States |
0.87 |
145.18 |
| New York Mortgage Trust Inc | NYMT | 0933 – Real Estate Operations | United States |
0.88 |
14.44 |
| PennyMac Mortgage Investment T | PMT | 0933 – Real Estate Operations | United States |
0.89 |
13.15 |
| Starwood Property Trust, Inc. | STWD | 0933 – Real Estate Operations | United States |
0.94 |
7.84 |
| Capstead Mortgage Corporation | CMO | 0933 – Real Estate Operations | United States |
0.99 |
7.31 |
| Dynex Capital Inc | DX | 0933 – Real Estate Operations | United States |
1.02 |
12.82 |
| Two Harbors Investment Corp | TWO | 0933 – Real Estate Operations | United States |
1.04 |
16.24 |
| American Capital Agency Corp. | AGNC | 0933 – Real Estate Operations | United States |
1.05 |
14.81 |
| Apollo Commercial Real Est. Fi | ARI | 0933 – Real Estate Operations | United States |
1.09 |
7.4 |
| MFA Financial, Inc. | MFA | 0933 – Real Estate Operations | United States |
1.09 |
9.89 |
| Anworth Mortgage Asset Corpora | ANH | 0933 – Real Estate Operations | United States |
1.1 |
9.07 |
| Resource Capital Corp. | RSO | 0933 – Real Estate Operations | United States |
1.16 |
9.91 |
| Rent-A-Center Inc | RCII | 0939 – Rental & Leasing | United States |
0.97 |
8.84 |
| Willis Lease Finance Corporati | WLFC | 0939 – Rental & Leasing | United States |
1.31 |
9.51 |
| Biglari Holdings Inc | BH | 0942 – Restaurants | United States |
0.83 |
23.81 |
| Rick’s Cabaret Int’l, Inc | RICK | 0942 – Restaurants | United States |
0.92 |
8.66 |
| PCM Inc | PCMI | 0948 – Retail (Catalog & Mail Order) | United States |
1.09 |
7.11 |
| Trans World Entertainment Corp | TWMC | 0963 – Retail (Specialty Non-Apparel) | United States |
1.68 |
7.37 |
| TravelCenters of America LLC | TA | 0963 – Retail (Specialty Non-Apparel) | United States |
1.76 |
7.55 |
| Tech Data Corp | TECD | 0966 – Retail (Technology) | United States |
0.87 |
7.43 |
| hhgregg, Inc. | HGG | 0966 – Retail (Technology) | United States |
1.32 |
6.67 |
| Ingram Micro Inc. | IM | 1015 – Computer Peripherals | United States |
0.84 |
6.68 |
| Key Tronic Corporation | KTCC | 1015 – Computer Peripherals | United States |
0.93 |
9.42 |
| Xerox Corp | XRX | 1018 – Computer Services | United States |
0.89 |
8.31 |
| VOXX International Corp | VOXX | 1024 – Electronic Instruments & Controls | United States |
1.57 |
10.96 |
| OmniVision Technologies, Inc. | OVTI | 1033 – Semiconductors | United States |
0.91 |
8.46 |
| Benchmark Electronics, Inc. | BHE | 1033 – Semiconductors | United States |
1 |
9 |
| JetBlue Airways Corporation | JBLU | 1106 – Airline | United States |
0.85 |
6.84 |
| Republic Airways Holdings Inc. | RJET | 1106 – Airline | United States |
1.42 |
12.1 |
| SkyWest, Inc. | SKYW | 1106 – Airline | United States |
2.19 |
8.93 |
| Atlas Air Worldwide Holdings, | AAWW | 1109 – Misc. Transportation | United States |
1.49 |
10.44 |
| International Shipholding Corp | ISH | 1118 – Water Transportation | United States |
1.67 |
7.41 |
| Gas Natural Inc | EGAS | 1206 – Natural Gas Utilities | United States |
0.89 |
6.75 |
What are my surprises here?
- My but there are a lot of foreign companies in this list, far more as a percentage than the 3575 total companies I started with. ?It seems that foreign companies are cheap.
- Now, that said, accounting standards are tighter in the US than elsewhere, and particularly, be careful on Chinese companies. ?Many of them are scams.
- There are a lot of financial companies listed. ?I would note that earnings quality for financial companies is often poor, so don’t go “hog wild” buying financial companies.
All that said, this could be a good list for starting due diligence, and I will use at least some of this in my next selection of companies for my clients.
What’s that, you say? ?Do I and my clients own any of these firms? ?Yes we do. ?Of the 38 stocks in my portfolio, 11 of them pass this screen, and here is the summary:
Full Disclosure: Long?ENH, SNP, GTS, LUKOY, BP, ESV, RGA, AIZ, NWLI, IM, XRX
Lots of insurers here. Given your expertise in that area, I’d be curious to know if you think this screen is turning up names that are on the riskier end of the spectrum.