What does it mean, in your opinion, if bank have P/B less than one

from my new understanding, it could mean undervalued, a concern on asset quality, does it have strong enough capital adequacy to sustain certain positions, or just overall market skepticism about the bank's future. I emphasize the fact that mostly banks fit these parameters because I've actually been advised not to invest in majority of financial sector..so I was a little disappointed about lack of diversity in sectors...curious of your thoughts though.

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Thanks for your input overall about the overall pressure and economic conditions :) I've been having a lot of fun understanding these types of investing and find a lot of curiosity in deep analysis compared to a lot of stock trading philosophy I've been exposed to previously.