After severe losses in February and March, U.S. banking stocks staged a widespread rally in April. Investors piled into the financial sector last month, looking past weak first-quarter earnings, stock repurchase suspensions and calls for cash dividend suspensions.

The market capitalization-weighted SNL U.S. Bank and Thrift index advanced 11.0% on a total return basis last month. The median return in April for the 320 banks in the S&P Global Market Intelligence analysis was 7.5%.

Public banks have been disclosing exposure to several economically sensitive industries, including lodging, in first-quarter earnings presentations and conference calls. Based on as-reported data in public filings, three of the banks with the greatest proportional lodging exposure are Los Angeles-based Hope Bancorp Inc., Sioux Falls, S.D.-based Great Western Bancorp Inc., and Phoenix-based Western Alliance Bancorp. As a percentage of gross loans, their outstanding exposure at March 31 was 13.6%, 11.8%, and 8.5%, respectively.

Hope Bancorp was a top market performer in April, surging 21.0%. The bank has consistently traded at a discount to the industry median during the last year in terms of price-to-adjusted tangible book value.

Western Alliance, which was the No. 1 financial performer in 2019 among the 50 largest U.S. public banks, also rebounded sharply in April. Its monthly total return was 17.2%. In contrast to Hope Bancorp, Western Alliance trades at a premium to the industry.

Great Western had traded at a premium valuation until April, when it experienced a negative 8.2% return. As of April 30, Great Western was priced just above its adjusted tangible book value and on par with the industry. The bank reported a $741 million loss in the quarter ended March 31, primarily because of goodwill impairment.

Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of April 30.

New entrants to the bottom-25 P/ATBV list in April were New York-based Metropolitan Bank Holding Corp.; Oswego, N.Y.-based Pathfinder Bancorp Inc.; Coral Gables, Fla.-based Amerant Bancorp Inc.; Burr Ridge, Ill.-based BankFinancial Corp.; Asheville, N.C.-based HomeTrust Bancshares Inc.; and Gulfport, Miss.-based Hancock Whitney Corp.

Exiting the bottom of the valuation list were Santa Ana, Calif.-based Banc of California Inc.; Little Rock, Ark.-based Bank OZK; Pittsburgh-based TriState Capital Holdings Inc.; Boston-based Berkshire Hills Bancorp Inc.; Rosemont, Ill.-based Wintrust Financial Corp.; and Columbus, Ga.-based Synovus Financial Corp.