David Burrows M & T Bank Corp MTB-N TOP PICK Nov 06, 2024

If he had to own another North American bank, it would probably be a US regional bank. This one is a very well-run bank and it didn’t get into trouble and didn’t need TARP money. Just made a really good acquisition.

They just reported a huge earnings beat with deposits up 2% last quarter instead of down. Regional banks have been a on tear lately to rebound from last spring' meltdown.

They reported earlier this week, slightly beating revenues, but missing EPS a lot. But MTB is a higher-quality regional bank, because they avoided the mistakes made by peers.

It's a good trade. He got back into the regionals. 

Regional banks are probably most closely tied to the US domestic economy. There is a risk we are headed to recession. Regional banks have a lot of real estate exposure, hold a lot of treasury bonds, and it was the first group in the financials to break down technically.