The Screener

Screen the market like a legend.

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GD
Graham--Defensive Investor (Utility) ScreenYield

Invest in utility stocks with Benjamin Graham's Defensive Investor Utility Screen, targeting value investments for stability.

YieldValueQualityIndustry/Sector
YTD
+8.1%
5Y
+35.9%
10Y
+62.8%
15Y
+127.6%
Total backtested return over each period.
Cumulative backtested growth
Graham--Defensive Investor (Utility) Screen
+304%199820122026+565%
Growth of the screen since inception. Past performance does not guarantee future results.
186 of 186 stocks
Rank
Company
Exchange
PE
PE using Avg EPS 3 years
PE-Average 7 years
Sales 12m
Current ratio Q1
LT Debt/working capital Q1
EPS-Growth 7yr
Yield
Yield-Average Y7
Price/Book
Price/Book-Average Y7
1
SRCE1st Source Corporation
NASDAQ
12.8
14.9
10.7
426.3
-1.3
10.6
2.1
2.4
1.56
1.4
2
AFLAflac Incorporated
NYSE
14.2
15.4
9.9
18,112.0
0.9
8.8
2.0
2.1
2.13
1.3
3
AMALAmalgamated Financial Corp.
NASDAQ
13.9
14.7
9.2
316.0
-0.9
12.9
1.4
1.5
1.76
1.1
4
AFGAmerican Financial Group, Inc.
NYSE
13.5
13.9
14.2
7,947.0
2.1
35.7
7.8
2.5
1.6
2.52
1.4
5
ABCBAmeris Bancorp
NYSE
14.5
18.4
10.4
1,172.5
-0.7
11.5
0.9
1.3
1.52
1.1
6
ASBAssociated Banc-Corp
NYSE
10.9
20.4
13.8
1,473.9
-2.2
5.5
3.1
3.3
1.06
0.9
7
AIZAssurant, Inc.
NYSE
14.2
19.2
17.3
13,160.4
0.4
-13.1
23.1
1.3
2.2
2.34
1.2
8
AGOAssured Guaranty Ltd.
NYSE
9.8
8.7
11.7
814.0
1.0
11.9
1.8
1.6
0.68
0.6
9
BANFBancFirst Corporation
NASDAQ
15.9
17.5
15.0
698.6
-1.1
9.4
1.7
2.2
2.05
1.8
10
BBVABanco Bilbao Vizcaya Argentaria, S.A.
NYSE
12.0
14.4
7.4
37,600.6
-19.7
13.4
5.6
5.3
2.27
0.4
11
BACBank of America Corporation
NYSE
15.2
18.3
11.9
109,590.0
-17.7
5.6
1.8
2.2
1.58
1.1
12
BOTJBank of the James Financial Group, Inc.
NASDAQ
11.1
14.2
8.5
50.7
-1.0
8.8
1.5
1.7
1.49
1.0
13
OZKBank OZK
NASDAQ
8.5
8.6
8.4
1,560.7
-2.1
9.7
3.5
3.3
0.98
0.9
14
BSVNBank7 Corp.
NASDAQ
10.9
12.3
9.0
99.2
-0.1
5.7
2.1
1.2
1.87
1.6
15
BWFGBankwell Financial Group, Inc.
NASDAQ
12.1
17.4
12.2
115.4
-2.6
10.5
1.3
4.2
1.50
0.5
16
BANRBanner Corporation
NASDAQ
12.0
13.5
11.5
660.8
-0.8
4.5
2.9
2.9
1.22
1.3
17
BCMLBayCom Corp
NASDAQ
14.1
15.6
11.9
100.2
-0.9
5.5
3.5
4.0
1.07
1.1
18
BLXBladex Inc.
NYSE
9.9
10.9
7.3
323.1
-34.1
55.2
4.6
7.7
1.30
0.8
19
BOKFBOK Financial Corporation
NASDAQ
14.3
16.7
11.2
2,226.0
-18.7
4.7
1.8
2.4
1.44
1.2
20
BHRBBurke & Herbert Financial Services Corp.
NASDAQ
9.3
15.8
16.5
340.9
-1.5
7.9
3.1
3.2
1.26
1.3
21
BFSTBusiness First Bancshares, Inc.
NASDAQ
11.0
12.1
10.3
324.0
-5.7
12.0
1.9
1.7
1.10
1.1
22
BYByline Bancorp, Inc.
NYSE
12.4
13.7
10.5
422.9
-1.9
13.3
1.3
0.2
1.35
1.0
23
CFFIC&F Financial Corporation
NASDAQ
9.2
11.3
7.9
132.4
-3.7
7.0
2.4
2.9
0.98
1.1
24
BCALCalifornia BanCorp
NASDAQ
11.6
18.0
21.9
185.0
-1.7
14.8
1.9
0.8
1.18
1.0
25
CBNKCapital Bancorp, Inc.
NASDAQ
10.8
13.3
8.5
233.2
-0.3
18.4
1.3
3.5
1.43
1.3
26
CCBGCapital City Bank Group, Inc.
NASDAQ
14.3
15.4
12.3
250.1
-1.8
12.9
2.1
1.8
1.54
1.3
27
CATYCathay General Bancorp
NASDAQ
12.9
14.1
9.7
769.6
-0.9
4.5
2.4
3.4
1.41
1.3
28
CBCCentral Bancompany, Inc.
NASDAQ
17.8
21.7
11.3
1,037.5
0.0
11.8
1.5
1.2
2.00
1.5
29
CPFCentral Pacific Financial Corp.
NYSE
13.1
16.8
11.2
282.9
-1.6
5.2
3.0
3.3
1.72
1.5
30
CFBKCF Bankshares Inc.
NASDAQ
11.9
13.5
6.6
53.4
-6.7
15.0
1.1
5.1
1.14
0.4
31
CBChubb Limited
NYSE
12.4
15.1
12.6
60,988.0
0.4
-21.7
17.2
1.1
2.1
1.85
1.2
32
CZWICitizens Community Bancorp, Inc.
NASDAQ
15.2
17.2
9.3
61.3
-3.7
13.8
1.8
1.7
1.17
0.9
33
CZFSCitizens Financial Services, Inc.
NASDAQ
9.0
12.7
10.1
113.5
-8.3
6.8
2.7
3.0
1.03
1.4
34
CHCOCity Holding Company
NASDAQ
15.0
16.7
13.4
319.7
-2.8
10.3
2.6
2.9
2.41
1.9
35
CIVBCivista Bancshares, Inc.
NASDAQ
10.5
11.6
8.6
178.0
-3.1
13.3
2.5
2.0
1.07
1.0
36
CNACNA Financial Corporation
NYSE
11.7
12.4
12.5
15,353.0
0.4
-13.0
6.7
7.5
3.0
1.30
1.0
37
CBSHCommerce Bancshares, Inc.
NASDAQ
14.5
16.1
16.3
1,782.1
0.0
6.0
1.9
1.6
2.01
2.3
38
CMTVCommunity Bancorp
NASDAQ
12.4
15.3
7.8
49.0
-3.7
9.3
2.5
4.6
1.89
1.3
39
CTBICommunity Trust Bancorp, Inc.
NASDAQ
13.1
15.6
10.1
279.4
-1.5
7.2
2.8
3.5
1.56
1.2
40
CWBCCommunity West Bancshares
NASDAQ
12.6
17.6
14.7
146.6
-2.3
3.7
1.8
2.1
1.24
1.1
41
CFRCullen/Frost Bankers, Inc.
NYSE
15.7
17.4
14.0
2,232.0
-1.3
5.2
2.5
3.0
2.31
1.6
42
EBMTEagle Bancorp Montana, Inc.
NASDAQ
11.6
15.7
10.6
92.8
-4.1
11.0
2.5
2.0
0.94
1.0
43
EWBCEast West Bancorp, Inc.
NASDAQ
13.4
15.5
9.8
2,785.3
-3.2
10.2
2.4
2.3
2.05
1.4
44
EFSCEnterprise Financial Services Corp
NASDAQ
12.7
13.3
10.6
693.7
-1.3
4.7
2.0
1.4
1.26
1.3
45
ESNTEssent Group Ltd.
NYSE
9.5
9.9
7.7
1,279.4
2.0
68.0
5.5
2.1
0.7
1.09
1.5
46
EGEverest Group, Ltd.
NYSE
7.8
8.8
11.6
17,337.0
0.4
-13.7
50.3
2.1
2.4
1.00
1.1
47
FNBF.N.B. Corporation
NYSE
11.8
13.9
10.1
1,716.8
-5.9
4.8
2.7
4.2
1.00
0.8
48
FMAOFarmers & Merchants Bancorp, Inc.
NASDAQ
11.7
15.3
14.1
123.9
-10.2
6.0
3.0
1.9
1.11
1.5
49
FMNBFarmers National Banc Corp.
NASDAQ
10.1
11.0
9.8
193.9
-1.7
3.1
4.6
2.7
1.13
1.3
50
FDBCFidelity D & D Bancorp, Inc.
NASDAQ
10.3
13.5
12.2
94.0
-0.6
7.6
3.3
1.7
1.25
2.2
51
FAFFirst American Financial Corporation
NYSE
11.2
23.5
19.2
7,707.9
0.4
-29.2
5.2
3.0
3.1
1.36
1.4
52
FBPFirst BanCorp.
NYSE
12.2
14.5
10.6
932.9
-1.2
12.9
2.9
1.4
2.14
1.0
53
FRBAFirst Bank
NASDAQ
10.7
12.3
9.9
133.6
-9.2
8.9
2.0
1.1
1.00
1.0
54
FBIZFirst Business Financial Services, Inc.
NASDAQ
10.8
12.7
8.0
163.1
-9.1
18.1
2.1
2.6
1.49
1.0
55
FCAPFirst Capital, Inc.
NASDAQ
11.7
15.0
12.9
51.5
0.0
8.4
2.0
1.7
1.49
1.9
56
FCNC.AFirst Citizens BancShares, Inc.
NASDAQ
12.2
5.6
9.8
9,141.0
-23.3
25.6
0.4
0.4
1.22
1.4
57
FCFFirst Commonwealth Financial Corporation
NYSE
13.9
14.4
11.2
495.7
-1.7
4.5
2.6
3.1
1.38
1.3
58
FCCOFirst Community Corporation
NASDAQ
12.9
16.8
10.4
83.0
-0.9
7.8
2.0
5.3
1.39
0.5
59
FFBCFirst Financial Bancorp.
NASDAQ
12.6
13.8
10.4
917.2
-2.5
4.7
2.8
3.6
1.27
1.1
60
THFFFirst Financial Corporation
NASDAQ
11.3
14.5
9.3
258.7
-4.2
8.4
2.9
2.5
1.39
1.0
61
FMBHFirst Mid Bancshares, Inc.
NASDAQ
12.4
14.4
10.7
351.3
-5.1
6.2
2.0
2.3
1.22
1.1
62
FUNCFirst United Corporation
NASDAQ
11.6
14.8
8.2
88.2
-1.9
14.0
2.3
2.0
1.42
1.1
63
FUSBFirst US Bancshares, Inc.
NASDAQ
15.9
13.5
9.1
37.6
-1.3
14.6
1.7
2.4
0.88
0.3
64
FRAFFranklin Financial Services Corporation
NASDAQ
11.7
18.1
9.5
90.2
-0.8
19.1
2.2
3.5
1.57
1.1
65
FSBWFS Bancorp, Inc.
NASDAQ
10.2
10.0
8.1
144.0
-8.7
4.1
2.6
1.2
1.04
1.2
66
FULTFulton Financial Corporation
NASDAQ
11.8
14.1
10.3
1,290.3
-4.9
8.5
3.1
3.2
1.34
1.1
67
FUTUFutu Holdings Limited
NASDAQ
9.2
14.8
31.8
2,709.5
1.2
1.3
96.3
5.5
18.1
2.59
5.5
68
FVCBFVCBankcorp, Inc.
NASDAQ
13.9
23.9
19.1
68.4
-1.7
7.3
1.6
1.3
1.23
1.4
69
GABCGerman American Bancorp, Inc.
NASDAQ
13.5
16.6
12.9
370.0
-2.1
6.3
2.6
2.2
1.55
1.5
70
GLGlobe Life Inc.
NYSE
12.8
15.4
10.6
6,073.5
0.7
-378.8
12.6
0.7
0.8
2.37
1.3
71
GSBCGreat Southern Bancorp, Inc.
NASDAQ
12.4
13.8
10.2
229.3
-0.6
3.9
2.2
2.4
1.34
1.3
72
GCBCGreene County Bancorp, Inc.
NASDAQ
14.3
19.4
14.9
86.4
-1.3
11.6
1.2
1.4
2.09
2.3
73
HAFCHanmi Financial Corporation
NASDAQ
12.2
13.6
10.0
264.5
-2.5
5.0
3.4
4.7
1.20
1.1
74
HWBKHawthorn Bancshares, Inc.
NASDAQ
11.2
19.0
28.7
81.0
-10.5
13.0
2.1
1.9
1.54
1.3
75
HFWAHeritage Financial Corporation
NASDAQ
15.0
18.5
13.9
265.6
-0.3
4.1
3.1
2.5
1.13
1.3
76
HTHHilltop Holdings Inc.
NYSE
14.7
19.1
12.7
1,264.2
-2.7
10.9
2.1
1.5
1.06
0.9
77
HBCPHome Bancorp, Inc.
NASDAQ
11.6
13.5
9.0
150.6
-1.9
7.9
1.8
2.3
1.22
1.1
78
HOMBHome BancShares, Inc.
NYSE
12.7
14.6
12.4
1,074.7
-4.3
4.8
2.7
2.8
1.39
1.2
79
HFBLHome Federal Bancorp, Inc. of Louisiana
NASDAQ
11.9
16.3
11.3
23.1
-1.2
3.6
2.3
1.7
1.20
1.2
80
HTBHomeTrust Bancshares, Inc.
NYSE
12.7
14.3
12.9
210.6
-0.5
13.7
1.1
1.0
1.37
1.1
81
HMNHorace Mann Educators Corporation
NYSE
13.2
21.1
24.0
1,714.3
2.8
31.6
36.7
2.7
2.8
1.45
1.1
82
IBCPIndependent Bank Corporation
NASDAQ
10.9
11.8
8.4
224.7
-1.5
9.9
3.1
3.4
1.47
1.4
83
IFSIntercorp Financial Services Inc.
NYSE
11.1
16.7
12.1
1,664.7
-17.6
8.5
3.0
4.1
1.87
1.8
84
IBOCInternational Bancshares Corporation
NASDAQ
11.4
11.6
10.1
837.6
-0.1
10.6
1.9
2.8
1.45
1.2
85
IGICInternational General Insurance Holdings Ltd.
NASDAQ
10.0
9.9
6.3
513.6
0.7
0.0
21.9
4.8
1.6
1.79
2.1
86
ISTRInvestar Holding Corporation
NASDAQ
12.7
15.3
12.6
107.1
-5.6
6.8
1.5
1.0
1.07
1.1
87
ITICInvestors Title Company
NASDAQ
14.4
18.7
10.7
280.2
1.5
18.0
7.0
3.7
1.0
2.00
1.6
88
ISBAIsabella Bank Corporation
NASDAQ
14.5
17.3
11.0
81.6
-1.5
5.3
2.9
9.5
1.23
0.4
89
ITUBItaú Unibanco Holding S.A.
NYSE
10.4
12.7
10.8
26,489.0
-29.3
3.3
10.5
5.4
2.25
2.6
90
JMSBJohn Marshall Bancorp, Inc.
NASDAQ
14.0
21.8
18.0
63.3
-4.7
6.7
1.6
1.9
1.16
1.3
91
LSBKLake Shore Bancorp, Inc.
NASDAQ
15.7
23.2
15.3
29.4
0.0
10.3
2.1
3.1
0.89
1.1
92
LKFNLakeland Financial Corporation
NASDAQ
14.7
16.7
16.2
267.9
-0.4
3.4
3.3
2.7
2.09
1.9
93
LARKLandmark Bancorp, Inc.
NASDAQ
9.9
12.9
8.8
70.0
-1.7
8.9
2.7
3.3
1.18
1.0
94
LCNBLCNB Corp.
NASDAQ
11.9
15.5
11.6
89.9
-6.2
4.0
4.6
3.9
0.99
1.0
95
LOBLive Oak Bancshares, Inc.
NYSE
16.2
22.9
21.5
512.2
-0.8
8.3
0.3
0.7
1.66
1.3
96
MTBM&T Bank Corporation
NYSE
13.9
15.8
11.5
9,310.0
-7.5
4.3
2.4
2.6
1.43
1.4
97
MGYRMagyar Bancorp, Inc.
NASDAQ
9.9
13.2
14.6
37.2
-6.1
27.5
2.3
2.6
0.91
1.3
98
MCHBMechanics Bancorp
NASDAQ
16.9
21.1
18.0
687.9
-0.5
11.4
9.8
2.2
1.35
0.9
99
MBWMMercantile Bank Corporation
NASDAQ
10.4
11.2
8.8
252.7
-7.5
11.6
2.7
3.3
1.35
1.3
100
MBINMerchants Bancorp
NASDAQ
12.1
9.5
6.5
585.5
-0.8
15.5
0.9
1.4
1.28
1.3
101
MRBKMeridian Corporation
NASDAQ
11.0
13.5
8.2
112.6
-2.7
17.1
2.8
5.5
1.20
1.0
102
MCBSMetroCity Bankshares, Inc.
NASDAQ
13.0
15.2
9.9
171.7
-13.5
6.5
3.2
2.8
1.88
1.8
103
MCBMetropolitan Bank Holding Corp.
NYSE
12.1
15.2
9.9
302.2
-0.5
11.6
1.0
0.8
1.29
1.1
104
MTGMGIC Investment Corporation
NYSE
9.3
10.4
7.1
1,204.5
4.8
180.2
8.1
2.0
1.0
1.25
1.0
105
MPBMid Penn Bancorp, Inc.
NASDAQ
16.1
13.7
9.9
240.3
-0.3
8.3
2.5
2.8
1.01
0.9
106
MVBFMVB Financial Corp.
NASDAQ
13.4
16.6
14.0
159.6
-2.0
10.6
2.3
0.9
1.12
1.2
107
NBHCNational Bank Holdings Corporation
NYSE
17.6
14.5
13.3
429.2
-2.0
5.3
2.8
2.2
1.25
1.4
108
NBTBNBT Bancorp Inc.
NASDAQ
14.8
17.6
13.0
696.6
-1.4
3.8
2.8
2.8
1.42
1.5
109
NICNicolet Bankshares, Inc.
NYSE
20.6
23.2
12.8
428.7
-1.5
13.1
0.8
2.0
1.60
1.3
110
NBNNortheast Bank
NASDAQ
11.4
16.8
8.4
230.3
-20.4
28.2
0.0
0.2
2.00
1.3
111
NECBNortheast Community Bancorp, Inc.
NASDAQ
8.3
7.9
8.9
104.6
-0.3
22.5
3.0
1.0
0.92
1.0
112
NRIMNorthrim BanCorp, Inc.
NASDAQ
9.7
14.8
8.8
211.7
-3.6
22.0
2.3
3.5
1.84
1.2
113
OVLYOak Valley Bancorp
NASDAQ
11.6
10.4
8.9
82.1
-0.4
10.7
2.2
1.5
1.34
1.3
114
OFGOFG Bancorp
NYSE
10.3
11.9
10.9
634.5
-4.4
16.4
2.8
1.4
1.55
1.1
115
OVBCOhio Valley Banc Corp.
NASDAQ
13.3
15.8
11.6
63.8
-3.1
3.9
2.3
2.4
1.20
1.3
116
ONBOld National Bancorp
NASDAQ
13.8
14.8
11.0
2,506.8
-8.7
5.6
2.2
3.1
1.25
1.0
117
ORIOld Republic International Corporation
NYSE
10.4
14.0
9.2
9,421.5
0.2
-9.8
17.2
8.9
3.7
1.74
1.1
118
OSBCOld Second Bancorp, Inc.
NASDAQ
14.1
12.9
10.9
324.9
-1.8
5.3
1.2
0.3
1.37
1.4
119
OPBKOP Bancorp
NASDAQ
8.2
9.6
7.8
93.7
-5.1
9.5
3.2
2.1
0.96
1.1
120
OPYOppenheimer Holdings Inc.
NYSE
12.6
14.9
8.3
1,631.5
1.3
16.0
30.6
0.7
1.6
1.23
0.6
121
OBTOrange County Bancorp, Inc.
NASDAQ
11.1
13.4
9.4
124.2
-1.6
19.9
1.9
2.8
1.73
1.1
122
ORRFOrrstown Financial Services, Inc.
NASDAQ
9.5
13.7
10.8
255.4
-5.8
15.5
2.9
2.9
1.34
1.0
123
PAGSPagSeguro Digital Ltd.
NYSE
6.4
7.9
28.3
3,798.2
1.4
0.3
8.4
2.9
0.4
0.90
5.9
124
PRKPark National Corporation
NYSE American
17.4
20.1
14.5
573.2
-0.3
6.6
2.3
4.2
2.02
1.6
125
PKBKParke Bancorp, Inc.
NASDAQ
9.5
12.8
7.2
83.3
-0.8
4.8
2.2
2.9
1.16
1.3
126
CASHPathward Financial, Inc.
NASDAQ
10.7
13.3
9.8
777.2
-0.9
24.8
0.2
0.7
2.25
1.2
127
PYPLPayPal Holdings, Inc.
NASDAQ
10.6
12.8
39.7
33,734.0
1.3
80.3
17.8
1.0
0.3
2.52
7.1
128
PCBPCB Bancorp
NASDAQ
10.7
13.9
9.2
116.1
-0.6
6.3
3.0
1.5
1.29
1.1
129
PFSIPennyMac Financial Services, Inc.
NYSE
9.1
14.3
10.6
3,319.3
1.0
-807.8
20.6
1.4
0.9
1.02
1.1
130
PEBOPeoples Bancorp Inc.
NASDAQ
12.6
12.1
11.4
424.0
-2.4
3.2
4.3
4.2
1.16
1.1
131
PEBKPeoples Bancorp of North Carolina, Inc.
NASDAQ
11.7
13.6
10.1
89.9
-1.3
7.6
2.4
2.0
1.43
1.2
132
PFISPeoples Financial Services Corp.
NASDAQ
11.7
19.3
15.5
190.4
-4.5
8.4
3.6
2.9
1.31
1.2
133
PNFPPinnacle Financial Partners, Inc.
NYSE
15.6
14.3
12.4
2,643.6
-6.1
8.3
2.0
1.2
1.10
1.0
134
PLBCPlumas Bancorp
NASDAQ
12.9
12.8
8.3
98.4
-8.6
7.7
2.2
2.0
1.61
1.4
135
BPOPPopular, Inc.
NASDAQ
12.7
18.2
7.8
3,005.4
-1.4
10.6
1.7
2.3
1.77
0.8
136
PFBCPreferred Bank
NASDAQ
10.0
10.5
8.5
283.4
-6.9
12.6
3.0
2.3
1.65
1.6
137
PBProsperity Bancshares, Inc.
NYSE
13.4
14.4
13.2
1,310.7
-0.3
3.1
3.3
2.5
0.90
1.1
138
PROVProvident Financial Holdings, Inc.
NASDAQ
18.5
16.2
17.0
39.6
-10.5
18.5
3.3
2.9
0.86
1.2
139
QCRHQCR Holdings, Inc.
NASDAQ
12.4
14.1
9.2
366.8
-4.2
14.5
0.4
0.6
1.45
1.1
140
QFINQfin Holdings, Inc.
NASDAQ
2.3
2.4
5.0
2,671.1
2.2
5.8
23.4
12.3
9.6
0.44
2.3
141
RDNRadian Group Inc.
NYSE
9.2
9.2
6.9
1,370.5
1.6
65.3
5.7
2.6
0.0
1.10
1.1
142
RRBIRed River Bancshares, Inc.
NASDAQ
14.7
18.1
11.4
126.0
-0.1
9.3
1.0
0.4
1.72
1.5
143
RFRegions Financial Corporation
NYSE
13.1
15.0
10.1
7,178.0
-2.5
5.9
3.3
3.8
1.55
1.0
144
RGAReinsurance Group of America, Incorporated
NYSE
13.1
17.3
13.1
24,932.0
1.1
311.5
6.9
1.5
1.7
1.19
0.8
145
RBCA.ARepublic Bancorp, Inc.
NASDAQ
14.2
16.7
10.5
372.5
-1.1
8.7
2.2
2.3
1.57
1.2
146
SAFTSafety Insurance Group, Inc.
NASDAQ
17.4
17.4
21.2
1,277.0
0.4
-6.0
3.1
5.0
3.7
1.27
1.7
147
SBFGSB Financial Group, Inc.
NASDAQ
10.6
14.4
9.3
66.3
-4.2
4.3
2.4
2.0
1.18
1.0
148
SIGISelective Insurance Group, Inc.
NASDAQ
13.2
17.5
17.3
5,410.7
0.3
-12.8
13.9
1.8
1.2
1.70
1.9
149
BSRRSierra Bancorp
NASDAQ
12.3
15.2
9.6
153.0
-4.7
7.1
2.5
2.8
1.49
1.3
150
SMBKSmartFinancial, Inc.
NYSE
15.4
21.2
11.5
196.5
-2.3
10.9
0.7
0.2
1.46
0.9
151
SPFISouth Plains Financial, Inc.
NASDAQ
12.9
13.8
8.8
211.8
-1.8
8.9
1.5
0.3
1.49
1.1
152
SMBCSouthern Missouri Bancorp, Inc.
NASDAQ
13.0
17.3
10.4
185.7
-3.2
11.7
1.3
1.5
1.49
1.4
153
SSBSouthState Bank Corporation
NYSE
11.1
14.5
14.8
2,676.5
-2.2
7.1
2.3
2.3
1.12
1.0
154
SFStifel Financial Corp.
NYSE
15.0
21.2
12.4
5,669.7
0.9
-33.9
8.3
1.8
1.2
2.24
1.1
155
SYBTStock Yards Bancorp, Inc.
NASDAQ
16.7
19.8
15.6
399.3
-0.8
10.0
1.6
2.8
2.17
2.1
156
SMFGSumitomo Mitsui Financial Group, Inc.
NYSE
13.4
18.1
8.7
27,541.9
-13.4
6.9
2.3
8.5
0.95
0.3
157
SYFSynchrony Financial
NYSE
7.6
9.6
6.8
9,892.0
-24.8
14.0
1.6
2.8
1.63
1.3
158
TROWT. Rowe Price Group, Inc.
NASDAQ
12.6
13.5
13.9
7,407.9
5.5
11.5
3.2
4.4
2.9
2.34
3.5
159
NTBThe Bank of N.T. Butterfield & Son Limited
NYSE
10.6
12.5
8.6
613.1
-0.3
6.8
3.3
5.2
2.14
1.9
160
FNLCThe First Bancorp, Inc.
NASDAQ
10.7
12.7
9.7
96.0
-3.6
5.1
4.3
4.3
1.36
1.4
161
THGThe Hanover Insurance Group, Inc.
NYSE
10.8
20.8
33.5
6,692.6
0.4
-10.1
10.5
1.8
2.0
2.11
1.6
162
HIGThe Hartford Insurance Group, Inc.
NYSE
9.8
13.3
9.7
28,791.0
1.8
52.7
15.2
1.7
2.3
2.08
1.2
163
PNCThe PNC Financial Services Group, Inc.
NYSE
14.7
17.6
13.7
23,042.0
-15.7
6.4
3.2
3.0
1.76
1.3
164
TRVThe Travelers Companies, Inc.
NYSE
11.0
17.9
11.8
48,942.0
0.3
-14.8
16.8
1.4
2.4
2.45
1.3
165
TSBKTimberland Bancorp, Inc.
NASDAQ
11.2
13.2
9.1
84.6
-0.2
7.1
2.7
2.2
1.26
1.3
166
TMPTompkins Financial Corporation
NYSE American
8.0
16.7
24.2
440.9
-2.7
11.2
2.8
2.5
1.42
1.8
167
TCBKTriCo Bancshares
NASDAQ
15.4
17.0
12.3
415.9
-0.8
5.4
2.4
2.2
1.46
1.3
168
TRMKTrustmark Corporation
NASDAQ
12.4
20.3
19.4
797.7
-1.7
7.7
2.1
2.9
1.29
1.2
169
UMBFUMB Financial Corporation
NASDAQ
13.0
17.2
11.2
2,732.1
-0.9
13.0
1.2
1.8
1.47
1.2
170
UBCPUnited Bancorp, Inc.
NASDAQ
11.3
11.0
8.2
32.3
-12.2
7.3
6.2
10.6
1.31
0.5
171
UBSIUnited Bankshares, Inc.
NASDAQ
13.3
16.4
12.9
1,231.7
-1.4
4.2
3.2
3.8
1.20
1.1
172
UCBUnited Community Banks, Inc.
NYSE
13.4
17.6
13.0
1,047.7
-0.1
3.4
2.7
2.6
1.19
1.3
173
UNTYUnity Bancorp, Inc.
NASDAQ
9.6
12.7
7.9
132.4
-4.4
16.0
1.1
1.5
1.61
1.4
174
UVSPUnivest Financial Corporation
NASDAQ
13.4
16.5
10.1
323.6
-3.8
9.1
2.1
3.3
1.31
1.1
175
UNMUnum Group
NYSE
19.3
13.2
7.6
13,339.1
18.4
25.3
8.7
2.1
3.5
1.31
0.6
176
VLYValley National Bancorp
NASDAQ
13.5
16.9
10.8
1,940.9
-5.2
4.4
2.9
4.2
1.11
1.0
177
VRTSVirtus Investment Partners, Inc.
NYSE
9.7
9.0
11.6
834.5
3.0
212.4
11.7
5.8
2.5
1.20
1.2
178
WSBFWaterstone Financial, Inc.
NASDAQ
11.9
20.0
14.2
148.5
-17.5
4.0
3.5
2.7
0.98
1.1
179
WBSWebster Financial Corporation
NYSE
12.4
15.0
11.9
2,730.2
-1.3
6.4
2.1
3.0
1.33
1.5
180
WFCWells Fargo & Company
NYSE
13.5
15.9
22.1
81,135.0
-13.8
5.7
2.3
3.9
1.64
1.2
181
WABCWestamerica Bancorporation
NASDAQ
13.7
11.7
14.3
253.9
-0.4
7.7
3.0
2.6
1.64
2.3
182
WALWestern Alliance Bancorporation
NYSE
9.6
11.0
9.1
3,377.8
-3.1
11.3
2.0
1.0
1.21
1.6
183
WNEBWestern New England Bancorp, Inc.
NASDAQ
16.6
21.9
12.8
86.3
-4.0
4.2
1.9
2.1
1.18
1.1
184
WTFCWintrust Financial Corporation
NASDAQ
13.8
15.8
10.4
2,692.6
-7.8
10.0
1.3
1.5
1.59
1.1
185
XPXP Inc.
NASDAQ
8.8
10.9
30.0
3,484.4
1.4
21.7
33.0
1.2
0.5
1.82
11.2
186
ZIONZions Bancorporation, National Association
NASDAQ
11.2
14.2
9.9
3,392.0
-3.0
4.7
2.5
2.8
1.47
1.1

Ranked by the Graham--Defensive Investor (Utility) Screen screen, updated from the live database. The columns are the exact criteria this strategy screens on. This is research, not investment advice.

Read the full Graham--Defensive Investor (Utility) Screen analysis →How the screens work →
The strategy

All you need to know about Graham--Defensive Investor (Utility) Screen

Benjamin Graham and the Defensive Investor (Utility) Screen

The Graham Defensive Investor (Utility) Screen adapts Benjamin Graham's defensive-investor tests for regulated utilities. Graham (1894–1976) is the father of value investing: co-author with David Dodd of the 1934 textbook Security Analysis, author of The Intelligent Investor (1949), and Warren Buffett's teacher at Columbia. He judged a stock against its intrinsic value — grounded in assets, earnings, dividends, and financial strength — and insisted on a margin of safety so the market's swings between pessimism and euphoria could not do much damage. This screen applies his rules for the investor who wants soundness without constant decision-making, tuned for the one sector whose balance sheet breaks his standard tests.

Why utilities get their own screen

Graham split his defensive tests by sector because a regulated utility looks nothing like an industrial company. Utilities are capital-intensive by design: they carry heavy long-term debt, finance new plant continuously through fresh bond and share issues, and run low current ratios as a matter of course, all while producing steady, rate-regulated earnings. Run the industrial liquidity tests against a normal utility and you would reject sound companies for failing rules that were never meant for them. So the utility screen relaxes the size and financial-strength requirements and replaces the working- capital tests with a debt-to-equity limit, while keeping Graham's demands for earnings stability, a long dividend record, and a modest price.

What the utility screen looks for

  • Only utility-sector companies; over-the-counter (OTC) stocks are excluded.
  • Total assets of at least $200 million — size measured by assets rather than sales, because assets reflect a utility's scale.
  • Long-term-debt-to-equity below 200%, so debt is no more than twice book equity — the utility stand-in for the industrial liquidity tests.
  • Positive earnings per share in each of the last seven fiscal years and the trailing 12 months.
  • Seven-year earnings-per-share growth above 3% a year, roughly keeping pace with inflation.
  • An indicated dividend greater than zero, plus a paid dividend over the last 12 months and in each of the last seven fiscal years.
  • Price-earnings ratio, on the average of the last three years' earnings, at or below 17.
  • Price-earnings ratio multiplied by price-to-book no greater than 25.5 — the product of a maximum P/E of 17 and a maximum price-to-book of 1.5.

The P/E ceiling is not fixed. It started at Graham's original 15 and is nudged for the prevailing high-grade (AA) corporate bond yield: as rates rise, future earnings are worth less today, so the allowable multiple falls; as rates fall, it rises. At current yields that cutoff sits at 17.

How it differs from the standard defensive screen

The non-utility version of the defensive screen keeps the same earnings, dividend, and valuation tests but sizes and stress-tests the balance sheet differently:

  • Size: the industrial screen requires sales of at least $400 million; the utility screen uses total assets of at least $200 million.
  • Financial strength: the industrial screen demands a current ratio of at least 2.0 and long-term debt below net working capital (long-term-debt-to-working-capital between 0% and 100%). The utility screen drops both and substitutes long-term-debt-to-equity below 200%.

Graham's own reasoning was that for a utility the working-capital question "takes care of itself," since the business is financed continuously through sales of bonds and shares. A current-ratio floor would simply penalize a normal utility balance sheet. Everything else is shared: seven years of positive earnings, seven-year growth above 3%, an unbroken dividend record, a three-year-average P/E at or below 17, and the P/E-times-price-to-book cap of 25.5. Graham originally wanted ten years of positive earnings and twenty years of uninterrupted dividends; the screen uses seven of each because of the data available.

What to keep in mind

Utilities trade like bond proxies. The P/E cap is pinned to bond yields for a reason — when rates rise, both utility valuations and the multiple you are allowed to pay come down together, and the sector can sell off even when the underlying businesses are fine. The 200% debt-to-equity limit still permits a great deal of leverage; that is appropriate for a regulated monopoly, but it means interest-rate moves, rate-case outcomes, and the capital cost of the energy transition weigh more heavily than they would on a cash-rich industrial. Seven years of history is shorter than Graham's ten-year earnings and twenty-year dividend standard, so it can miss a full cycle. The screen finds financially sound, reasonably priced utilities; it cannot judge the regulator, and for a utility the regulator is much of the story.

Sources

The Intelligent Investor, Benjamin Graham, 1949 (revised editions since); Security Analysis, Benjamin Graham and David Dodd, 1934.

American Association of Individual Investors (AAII) — Stock Investor Pro screen definition and commentary.