2024-05-15 13:57:24 ET
Summary
- Earnings for 1Q missed my expectations; hence, I’ve reduced my earnings estimate for 2024.
- As TMP’s deposits reprice faster than loans, the falling interest-rate environment will most probably boost the net interest margin.
- Strong regional job markets will likely sustain loan growth.
- The December 2024 target price suggests a small upside of ~5.0%.
- TMP is offering a very high dividend yield of 5.2%. Although the implied payout ratio is high, the chances of a dividend cut are very low.
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For further details see:
Tompkins Financial: High Dividend Yield And A Positive Earnings Outlook