Deeply discounted regional banking stocks have been increasingly harder to find after last year's run-up. But, most are still priced below their long-term book values and a different sort of search, one based on performance, has started.
I previously suggested and bought into Alerus Financial Corp. (OTCQX:ALRS) near the end of last summer and have only one regret, that I didn't buy more! At that time, shares traded for ~$42.50, slightly below 1.8Xs tangible book value, and looked primed to grow between 15-20% a year. I stand by my growth prediction but shares now trade at $58.00 per share (up 36% since September) which has moved up the book value premium to 97%. At ~2Xs book value the...
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