JJR8... is right on with his analysisi of the P/E and P/B and relation to the MHC structure. Smartmoney said essentially the same thing a few months back. Oakmark funds sill have PBCT as a substantial holding (over 4.5MM shares as of June 30 and UP from their holdings on Mar 30).
The entire banking sector, in fact 98% of the entire stock market has been getting trashed. Valuations across the board at at 25 yr highs. A little correction is a good thing. Keeps expectations realistic.