BUZZ-Piper Sandler assumes coverage of six Mid-Atlantic regional banks
Piper Sandler has initiated coverage on six Mid-Atlantic regional banks, highlighting.B as undervalued with expected EPS growth. Meridian is noted for above-peer growth, while Community Financial and City Holding trade at premium valuations. Tompkins Financial is fairly valued, and Univest Financial trades at a discount but requires deposit growth. Ratings include Overweight for.B and Meridian, and Neutral for others.
Piper Sandler assumes coverage of six Mid-Atlantic regional banks, F.N.B (FNB.N) , Meridian (MRBK.O) , Community Financial (CBU.N) , City Holding (CHCO.O) , Tompkins Financial (TMP.A) , and Univest Financial (UVSP.O)
Brokerage sees FNB as undervalued with accelerating EPS growth in coming years, driven by margin expansion and strong loan growth
MRBK is an above-peer growth bank, triple-leveraged to lower short-term rates through margin expansion, mortgage revenue rebound, and reduced credit stress, brokerage says
Piper says both CBU and CHCO trade at premium valuations; CBU benefits from diversified fee income and strong growth, while CHCO faces slowing EPS trajectory and regulatory risks
TMP fairly valued with catalysts from insurance sale and restructuring; UVSP trades at discount but needs deposit growth to sustain NIM; both face execution and credit risks, brokerage says
Company Rating PT
F.N.B Overweight $19
Meridian Overweight $19
Community Neutral $62
Financial
System
City Holding Neutral $125
Tompkins Neutral $74
Financial
Univest Neutral $34
Financial
