Stocks & Investing
Fri, August 19, 2011BOCH, BMRC, ZION, NRIM, TCBK, WBCO, Banks - West Stocks Undervalued
Published in Stocks and Investing on Friday, August 19th 2011 at 7:43 GMT by WOPRAI
August 19, 2011/ M2 PRESSWIRE / BUYINS.NET / http://www.squeezetrigger.com is monitoring the Banks - West sector and these stocks are the most undervalued as of today. BANK OF COMMERCE HOLDINGS (NASDAQ:BOCH), BANK OF MARIN BANCORP/CA (NASDAQ:BMRC), ZIONS BANCORPORATION (NASDAQ:ZION), NORTHRIM BANCORP INC (NASDAQ:NRIM), TRICO BANCSHARES (NASDAQ:TCBK), WASHINGTON BANKING CO (NASDAQ:WBCO) are all expected to go Up as they are Undervalued according to industry standard valuation metrics. The valuation model employs a three-factor approach to stock valuation using fundamental variables--the company's trailing 12-month Earnings-Per-Share (EPS), the analyst consensus estimate of the company's forecasted 12-month EPS, and the 30-year Treasury yield--to create a highly accurate reflection of a company's fair value.
The chart below displays the projected Fair Value and Valuation discount/premium of the most undervalued stocks in the highlighted industry group:
Symbol Company Name Last Close Fair Value Valuation Industry
BOCH BANK OF COMMERCE HOLDINGS 3.37 3.76 10.40% Undervalued Banks - West
BMRC BANK OF MARIN BANCORP/CA 36.06 37.55 4.00% Undervalued Banks - West
ZION ZIONS BANCORPORATION 15.75 29.55 46.70% Undervalued Banks - West
NRIM NORTHRIM BANCORP INC 19.22 20.28 5.20% Undervalued Banks - West
TCBK TRICO BANCSHARES 11.86 17.99 34.10% Undervalued Banks - West
WBCO WASHINGTON BANKING CO 11.17 16.06 30.40% Undervalued Banks - West
Here are some of the variables that are utilized when calculating the Fair Market Valuation of a stock: Long-run EPS growth rate, Duration of Business-growth-cycle, Volatility of EPS growth rate, Systematic or beta risk of the firm, Correlation between the firm's EPS and the interest rate environment, EPS growth volatility, Dividend payout ratio, Buffer earnings, Interest rate related criteria: Interest rate (30 year yield) long-run level, Duration of interest rate cycle, Interest rate volatility. The Fair Market Valuation uses 12-month historic and forecasted EPS values and the current 30-year treasury yield as primary determinants. When calculating risk/return values such as the Sharpe ratio, the historic periods used are five years.
Some expected results of the Valuation Model are: the valuation of a stock increases in a declining interest rate environment. Increasing current and/or projected EPS will produce a higher Valuation. While long-term EPS growth would produce a corresponding long-term Valuation increase, concomitant long-term interest rate increases would offset EPS growth and depress the Valuation. The shorter a company's own business cycle, the higher its stock Valuation will be.
BANK OF COMMERCE HOLDINGS (NASDAQ:BOCH) - Bank of Commerce Holdings operates as a multi-bank holding company that provides a range of financial services and products for business and consumer banking primarily in northern California. The companys deposit products include NOW and savings accounts, money market accounts, certificates of deposit, and interest and non-interest bearing deposits. Its lending portfolio comprises commercial loans, which include revolving credit facilities and intermediate term loans for working capital, asset acquisition, and business-expansion purposes; real estate construction loans, including commercial and residential construction loans; and commercial and construction loan portfolio comprising loans secured by various commercial and residential real properties. The company also provides travelers checks, safe deposit boxes, collection services, and electronic banking services, as well as sweep arrangements; and brokerage mortgages for various single and multi-family residential new financing, refinancing, and equity lines of credit. It serves primarily small to medium sized businesses, professionals, and other individuals with medium to high net worth. As of December 31, 2009, Bank of Commerce Holdings operated four full service branches in Redding and Roseville, California. The company was founded in 1981 and is based in Redding, California.
BANK OF MARIN BANCORP/CA (NASDAQ:BMRC) - Bank of Marin Bancorp operates as the bank holding company for Bank of Marin that offers a range of commercial and retail banking products and services in California. It offers checking and savings accounts; time deposit alternatives comprising certificates of deposit, individual retirement accounts, health savings accounts, and certificate of deposit account registry services; remote deposit capture, direct deposit of payroll, social security and pension checks, fraud prevention services, and image lockbox services; and valet deposit pick-up service. The company provides its deposit products and services primarily to individuals, merchants, small to medium sized businesses, not-for-profit organizations, and professionals. Its loan portfolio comprises commercial and retail lending programs that include commercial loans and lines of credit, construction financing, consumer loans, and home equity lines of credit. In addition, the company provides merchant card services, credit cards, and business Visa programs; cash management services to business clients through a third party vendor; wealth management services, such as customized investment portfolio management, financial planning, trust administration, estate settlement and custody services, and advice on charitable giving; and 401(k) plan services to small and medium businesses through a third party vendor. Further, it provides private banking services, including deposit services and loans; and ATM, Internet banking, and telephone banking services. As of April 20, 2010, Bank of Marin Bancorp operated 13 branch offices in the Bay Area of Marin county and a commercial loan production office in San Francisco. The company was founded in 1989 and is headquartered in Novato, California.
ZIONS BANCORPORATION (NASDAQ:ZION) - Zions Bancorporation, a multi bank holding company, provides various banking and related products and services in the United States. The company offers community banking services, including small and medium-sized business and corporate banking services; commercial and residential development, construction, and term lending services; retail banking services; treasury cash management and related products and services; residential mortgages; and trust management services. It also provides personal banking services to individuals, including home mortgages, bankcard, installment loans, home equity lines of credit, checking accounts, savings accounts, time certificates, safe deposit facilities, direct deposits, and automated teller machine access. In addition, the company offers small business administration lending services; secondary market agricultural real estate mortgage loans; municipal finance advisory and underwriting services; early-stage capital primarily for start-up companies; and check imaging and clearing software. Further, Zions Bancorporation, through its nonbank subsidiaries, offers hardware, software, and services related to remote imaging, electronic capture, and clearing of paper checks; and medical claims imaging, lockbox, and Web-based reconciliation and tracking services. Additionally, the company provides wealth management services, including financial and tax planning; trust and inheritance services; over-the-counter, exchange-traded, and synthetic derivative and hedging strategies; quantitative asset allocation and risk management; and an array of investment strategies. As of December 31, 2009, Zions Bancorporation offered its banking services through 491 branches and 602 ATMs in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. The company was founded in 1873 and is headquartered in Salt Lake City, Utah.
NORTHRIM BANCORP INC (NASDAQ:NRIM) - Northrim BanCorp, Inc., through its subsidiaries, which provides a range of banking products and services to businesses, professionals, and individuals in Alaska. Its deposit services include noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts. The companys loan portfolio comprises commercial and real estate lending, construction and land development lending, and consumer loans. Northrim BanCorp also offers other customer services, including telebanking, faxed account statements, Internet banking, automated teller services, personalized checks at account opening, overdraft protection from a savings account, extended banking hours, commercial drive-up banking with coin service, automatic transfers and payments, wire transfers, direct payroll deposit, electronic tax payments, automated clearing house origination and receipt, and cash management services. In addition, it provides investment advisory, insurance brokerage, trust, and wealth management services. As of December 31, 2009, the company operated 11 branches, including 7 in Anchorage, 2 in Fairbanks, and 1 each in Eagle River and Wasilla. Northrim BanCorp, Inc. was founded in 1990 and is headquartered in Anchorage, Alaska.
TRICO BANCSHARES (NASDAQ:TCBK) - TriCo Bancshares operates as the bank holding company for Tri Counties Bank that provides commercial banking services to retail customers and small to medium-sized businesses in California. It accepts demand, savings, and time deposits. The company also provides commercial loans, including agricultural loans; consumer loans; real estate mortgage loans, such as residential and commercial loans, and mortgage loans originated for sale; and real estate construction loans for individuals, farmers, and local businesses. In addition, it offers installment note collection, safe deposit boxes, Internet banking, ATM, and other customary banking services, as well as issues cashiers checks and sells travelers checks. As of April 27, 2010, the company operated 32 traditional branch locations and 26 in-store branch locations in 23 California counties. It also operates a network of 65 ATMs. The company was founded in 1974 and is based in Chico, California.
WASHINGTON BANKING CO (NASDAQ:WBCO) - Washington Banking Company operates as the bank holding company for Whidbey Island Bank that provides community commercial banking services in northwestern Washington. Its deposit products include interest-bearing demand and money market accounts, saving deposits, time deposits, negotiable order of withdrawal accounts, and non-interest-bearing deposits. The companys portfolio of loans comprises secured and unsecured commercial loans for working capital and expansion; real estate mortgage loans; and real estate construction loans, such as commercial real estate, one-to-four family residential construction, and speculative construction loans. Its consumer loan portfolio include automobile loans, boat and recreational vehicle financing, home equity and home improvement loans, and other secured and unsecured personal loans, as well as SBA guaranteed loans for small and medium sized businesses. As of June 30, 2010, Washington Banking Company operated 26 branches in 6 counties in northwestern Washington. The company was founded in 1961 and is based in Oak Harbor, Washington.
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