Analysts at Citigroup on Friday cut their price target on multiple U.S. banking stocks amid lower expected interest margins.

The firm made the following changes:

• Maintained “Buy” on M&T Bank Corp (MTB) but lowered price target $90 to $85.
• Maintained “Neutral” on PNC Financial Services (PNC) but cut price target from $67 to $64.
• Reiterated “Neutral” on Wells Fargo (WFC) but lowered price target from $35 to $34.

In all three cases, Citigroup cited lower NIMs (net interest margins) for the muted expectations.

The Bottom Line
Shares of M&T Bank (MTB) have a 3.54% dividend yield, based on last night’s closing stock price of $79.10. The stock has technical support in the $75-$76 price area. If the shares can firm up, we see overhead resistance around the $83-$85 price levels. Shares of PNC Financial (PNC) have a 2.73% dividend yield, based on last night’s closing stock price of $58.63. The stock has technical support in the $55 price area. If the shares can firm up, we see overhead resistance around the $60-$63 price levels. Shares of Wells Fargo (WFC) have a 2.82% dividend yield, based on last night’s closing stock price of $31.18. The stock has technical support in the $28 price area. If the shares can firm up, we see overhead resistance around the $34 price level.

None of the dividend stocks mentioned in this article are currently recommended by Dividend.com.

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