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Do you consider yourself a value investor? For ideas on how to start your own value search, we ran a screen.

We began by screening the financial sector for stocks that have outperformed the market over the last quarter, with quarterly performance above 10%.

We then screened for those that also appear undervalued relative to the Graham Number. The Graham Number is a measure of maximum fair value created by the "godfather of value investing" Benjamin Graham.

It is based off of a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Tool provided by Kapitall.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by the Graham Number.

1. Wilshire Bancorp Inc. (NASDAQ:WIBC): Operates as the holding company for Wilshire State Bank that offers a range of financial products and services. Market cap at $364.24M, most recent closing price at $5.11. Performance over the last quarter at 10.85%. Diluted TTM earnings per share at 0.54, and a MRQ book value per share value at 3.76, implies a Graham Number fair value = sqrt(22.5*0.54*3.76) = $6.76. Based on the stock's price at $5.01, this implies a potential upside of 34.91% from current levels.

2. Heartland Financial USA Inc. (NASDAQ:HTLF): Provides commercial and retail banking services to businesses and individuals. Market cap at $332.27M, most recent closing price at $20.15. Performance over the last quarter at 21.83%. Diluted TTM earnings per share at 1.76, and a MRQ book value per share value at 17.09, implies a Graham Number fair value = sqrt(22.5*1.76*17.09) = $26.01. Based on the stock's price at $19.71, this implies a potential upside of 31.99% from current levels.

3. MidWest One Financial Group, Inc. (NASDAQ:MOFG): Operates as the holding company for MidWestOne Bank that provides various banking product and services. Market cap at $173.64M, most recent closing price at $20.50. Performance over the last quarter at 16.02%. Diluted TTM earnings per share at 1.68, and a MRQ book value per share value at 18.82, implies a Graham Number fair value = sqrt(22.5*1.68*18.82) = $26.67. Based on the stock's price at $20.37, this implies a potential upside of 30.94% from current levels.

4. Peapack-Gladstone Financial Corp. (NASDAQ:PGC): Operates as the holding company for Peapack-Gladstone Bank that provides financial, trust, and investment services to individuals and small businesses in New Jersey. Market cap at $136.6M, most recent closing price at $15.40. Performance over the last quarter at 22.42%. Diluted TTM earnings per share at 1.37, and a MRQ book value per share value at 12.53, implies a Graham Number fair value = sqrt(22.5*1.37*12.53) = $19.65. Based on the stock's price at $15.35, this implies a potential upside of 28.03% from current levels.

5. Asset Acceptance Capital Corp. (AACC): Engages in purchasing and collecting defaulted or charged-off accounts receivable portfolios from consumer credit originators in the United States. Market cap at $179.71M, most recent closing price at $5.85. Performance over the last quarter at 21.87%. Diluted TTM earnings per share at 0.53, and a MRQ book value per share value at 4.67, implies a Graham Number fair value = sqrt(22.5*0.53*4.67) = $7.46. Based on the stock's price at $5.84, this implies a potential upside of 27.78% from current levels.

6. Federal Agricultural Mortgage Corp. (NYSE:AGM): Provides agricultural real estate and rural housing mortgage loans in the secondary market in the United States. Market cap at $264.28M, most recent closing price at $25.29. Performance over the last quarter at 16.49%. Diluted TTM earnings per share at 1.63, and a MRQ book value per share value at 26.75, implies a Graham Number fair value = sqrt(22.5*1.63*26.75) = $31.32. Based on the stock's price at $24.83, this implies a potential upside of 26.15% from current levels.

7. Access National Corp. (NASDAQ:ANCX): Operates as the bank holding company for Access National Bank that provides commercial credit, deposit, and mortgage services to middle market businesses and associated professionals primarily in the greater Washington, D. Market cap at $124.81M, most recent closing price at $12.20. Performance over the last quarter at 17.87%. Diluted TTM earnings per share at 1.21, and a MRQ book value per share value at 8.37, implies a Graham Number fair value = sqrt(22.5*1.21*8.37) = $15.10. Based on the stock's price at $12.3, this implies a potential upside of 22.73% from current levels.

8. Bar Harbor Bankshares (NYSEMKT:BHB): Operates as the holding company for Bar Harbor Bank & Trust that provides various banking products and services to individuals, businesses, not-for-profit organizations, and municipalities primarily in Hancock, Washington, and Knox counties. Market cap at $141.01M, most recent closing price at $36.25. Performance over the last quarter at 15.63%. Diluted TTM earnings per share at 2.92, and a MRQ book value per share value at 31.14, implies a Graham Number fair value = sqrt(22.5*2.92*31.14) = $45.23. Based on the stock's price at $36.98, this implies a potential upside of 22.31% from current levels.

9. Investors Title Co. (NASDAQ:ITIC): Provides title insurance, as well as tax-deferred real property exchange services in the United States. Market cap at $108.78M, most recent closing price at $51.80. Performance over the last quarter at 15.42%. Diluted TTM earnings per share at 3.43, and a MRQ book value per share value at 51.74, implies a Graham Number fair value = sqrt(22.5*3.43*51.74) = $63.19. Based on the stock's price at $53., this implies a potential upside of 19.23% from current levels.

*BVPS and EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 9 Outperforming Financials Undervalued By The Graham Number