M&T Bank downgraded at RayJay

M&T Bank (MTB -1%) and Hudson City Bancorp (HCBK -1.1%) are again the laggards in a nicely green regional bank sector (KRE +1.9%) as Raymond James pulls its Buy rating on M&T following last week's earnings report.

At issue with the results are the high costs M&T is experiencing to upgrade its infrastructure to comply with the Bank Secrecy Act and anti-money laundering laws. The immediate need for all the work is to please regulators currently holding up the Hudson City takeover, but management insists it's something which would need to be done anyway.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs