U.S. bank stocks are outperforming the broader market. As of Nov. 15, the S&P U.S. BMI Banks index had generated a total return of 43.6% year to date, surpassing the 26.2% total return of the S&P 500.

In this S&P Global Market Intelligence analysis of 126 public banks, the median return was 42.0% and the median price-to-estimated 2022 earnings multiple was 13.8x.

Silvergate Capital Corp. remained the most expensive stock in the U.S. banking industry by price to estimated 2022 earnings as of Nov. 15. The La Jolla, Calif.-based company was trading at a price-to-estimated earnings multiple of 57.8x.

Shares in Silvergate have returned nearly 180.0% this year, the highest among the top 20 banks on this list.

SVB Financial Group, the largest bank by market cap in the top 20, was the sixth-most expensive U.S. bank stock with a price-to-estimated earnings multiple of 25.2x. Analysts project the Santa Clara, Calif.-based bank will post a decline of 9.3% in 2022 earnings when compared to its 2021 forecast.

Dallas-based Triumph Bancorp Inc. ranked fourth on the list with a price-to-estimated earnings multiple of 31.2x. The company's stock has produced a total return of 169.0% in 2021.