Why M&T Bank, Palomar Holdings And Other Oversold Majors In The Financial Sector Look Promising

The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies. Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

M&T Bank Corporation MTB

• Wells Fargo recently maintained M&T Bank with an Equal-Weight and lowered the price target from $175 to $165. M&T Bank, during October, reported worse-than-expected Q3 EPS results. The company’s stock has a 52-week low of $141.49 .
• RSI: 29.45
• MTB Price Action: Shares of M&T Bank rose 0.1% to settle at $151.54 on Monday, and gained 1.3% in pre-market trading.

Palomar Holdings, Inc. PLMR

• Jefferies recently initiated coverage on Palomar with a Hold rating and announced a price target of $55. Palomar, last month, reported worse-than-expected Q3 EPS results. The company’s stock has a 52-week low of $44.01.
• RSI: 29.12
• PLMR Price Action: Shares of Palomar Holdings fell 3.7% to close at $49.95 on Monday.

Heritage Financial Corporation HFWA

• Heritage Financial, during October, reported better-than-expected earnings for its third quarter. The company’s stock has a 52-week low of $22.51. The company has a RSI value of 29.33.
• RSI: 29.33
• HFWA Price Action: Shares of Heritage Financial gained 0.2% to close at $30.91 on Monday.

Silvergate Capital Corporation SI

• Morgan Stanley downgraded the stock from Equal-Weight to Underweight. Silvergate Capital, during October, reported worse-than-expected Q3 EPS and sales results. The company’s 52-week low is $19.25.
• RSI: 29.09
• SI Price Action: Shares of Silvergate Capital fell 0.8% to close at $21.26 on Monday, and gained by 0.6% in the pre-market trading session on Tuesday.

Broadmark Realty Capital Inc. BRMK

• B. Riley Securities recently downgraded Broadmark Realty Capital from Buy to Neutral and lowered the price target from $7.5 to $5. Broadmark Realty Capital reported downbeat Q3 results in November. The company has a 52-week low of $3.7000.
• RSI: 29.60
• BRMK Price Action: Shares of Broadmark Realty Capital Holdings dropped 1.6% to settle at $3.78 on Monday, and added 2.1% in the pre-market trading session on Tuesday.