Piper Sandler assumes coverage of six Mid-Atlantic regional banks

City Holding

03/12/2025 12:11

** 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 Financial System
Neutral
$62
City Holding
Neutral
$125
Tompkins Financial
Neutral
$74
Univest Financial
Neutral
$34

 (Reporting by Pragyan Kalita in Bengaluru)

 ((Pragyan.Kalita@thomsonreuters.com))