Top mid cap U.S. regional banks with high price-to-book multiples and strong momentum grades

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The financial sector entered 2026 with a notable disconnect between strong fundamentals and market performance. The State Street Financial Select Sector SPDR ETF (XLF [https://seekingalpha.com/symbol/XLF]) underperformed through January, ranking as one of only two sectors with negative returns despite robust 2025 results that saw all major financial ETFs post double-digit gains.

Below is a list of mid cap U.S. regional banks that maintain high momentum grades (A- to A+) and are ranked by their price-to-book (P/B) multiples. The screen focuses on regional banks that combine strong price momentum with relatively premium valuations based on their book value.

The price-to-book (P/B) multiple is a valuation metric that compares a company’s stock price to its book value per share. It’s calculated by dividing a company’s market capitalization by its total book value, or alternatively, by dividing its stock price by its book value per share.

The list is topped by Pathward Financial (CASH [https://seekingalpha.com/symbol/CASH]), which has the highest price-to-book multiple among the screened high-momentum regional banks while maintaining an “A” momentum grade. Axos Financial (AX [https://seekingalpha.com/symbol/AX]) and Nicolet Bankshares (NIC [https://seekingalpha.com/symbol/NIC]) follow, with First Bancorp (FBNC [https://seekingalpha.com/symbol/FBNC]) and Popular, (BPOP [https://seekingalpha.com/symbol/BPOP]) rounding out the rest of the top five, all combining strong momentum scores with premium book-based valuations.

Other notable names on the list, such as Central Bancompany (CBC [https://seekingalpha.com/symbol/CBC]) and BOK Financial (BOKF [https://seekingalpha.com/symbol/BOKF]), also feature competitive P/B multiples alongside strong momentum grades. Mechanics Bancorp (MCHB [https://seekingalpha.com/symbol/MCHB]) stands out with the highest momentum grade of “A+” on the list.

Here is the list:

*
Pathward Financial (CASH [https://seekingalpha.com/symbol/CASH]), Momentum Grade: A, price-to-book (P/B) multiple: 2.48x

*
Axos Financial (AX [https://seekingalpha.com/symbol/AX]), Momentum Grade: A-, price-to-book (P/B) multiple: 1.88x

*
Nicolet Bankshares (NIC [https://seekingalpha.com/symbol/NIC]), Momentum Grade: A, price-to-book (P/B) multiple: 1.88x

*
First Bancorp (FBNC [https://seekingalpha.com/symbol/FBNC]), Momentum Grade: A, price-to-book (P/B) multiple: 1.56x

*
Popular (BPOP [https://seekingalpha.com/symbol/BPOP]), Momentum Grade: A, price-to-book (P/B) multiple: 1.56x

*
Central Bancompany (CBC [https://seekingalpha.com/symbol/CBC]), Momentum Grade: A, price-to-book (P/B) multiple: 1.53x

*
Texas Capital Bancshares (TCBI [https://seekingalpha.com/symbol/TCBI]), Momentum Grade: A-, price-to-book (P/B) multiple: 1.40x

*
BOK Financial (BOKF [https://seekingalpha.com/symbol/BOKF]), Momentum Grade: A, price-to-book (P/B) multiple: 1.37x

*
WSFS Financial (WSFS [https://seekingalpha.com/symbol/WSFS]), Momentum Grade: A-, price-to-book (P/B) multiple: 1.32x

*
Mechanics Bancorp (MCHB [https://seekingalpha.com/symbol/MCHB]), Momentum Grade: A+, price-to-book (P/B) multiple: 1.25x

Financials ETFs: (XLF [https://seekingalpha.com/symbol/XLF]), (VFH [https://seekingalpha.com/symbol/VFH]), (IYF [https://seekingalpha.com/symbol/IYF]), (FNCL [https://seekingalpha.com/symbol/FNCL]), (IYG [https://seekingalpha.com/symbol/IYG]), and (FXO [https://seekingalpha.com/symbol/FXO])

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