Tompkins Financial upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Tompkins Financial to Outperform from Market Perform with a price target of $68, up from $59. The bank has “historically demonstrated remarkably steady performance through the cycle,” with above-peer returns, best-quartile credit performance, and below-peer deposit costs, the analyst tells investors in a research note. The firm says that with the rate environment normalizing, Tompkins is well positioned to generate a rebounding net interest margin, resulting in improved returns and recapturing the bank’s historical valuation premium.