Tompkins Financial price target raised to $52 from $50 at Piper Sandler

Piper Sandler raised the firm’s price target on Tompkins Financial to $52 from $50 and keeps a Neutral rating on the shares after the company announced that it completed a restructuring of around 22% of its AFS securities portfolio. The company sold $429.6M of AFS securities and replaced them with a similar amount of securities at a similar remaining life of 4.3 years, the firm adds. The transaction will result in an after tax loss of $47.5M, which is roughly 3 quarters worth of earnings. Piper calculates the earn back to be around 4 years.