The valuation of all stocks depends on a combination of many things but when looking at the shares of regional bank's the most widely used metric is P/TBV per share. The P/TBV per share fluctuates widely and for various reasons but the key aspect that I believe determines a premium or a discount is mostly dependent on the bank's return on assets and return on equity, with the a larger weight given to return on assets (at this time).
This of course is just my observations of the present market conditions and there are many exceptions of higher premiums given to banks in certain locations or to ones that are aggressively acquiring assets through M&A activity or from good old...
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