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    Nathan Stein

    Director and Equity Research Analyst at Deutsche Bank

    Nathan Stein is a Director and Equity Research Analyst at Deutsche Bank, focusing on the US medical technology sector with coverage of leading companies such as Abbott Laboratories, Boston Scientific, Medtronic, and Stryker. He is recognized for his insightful stock recommendations and has achieved a consistently high performance, with TipRanks ranking him among the top US healthcare analysts and reporting a success rate above 65% alongside strong average return metrics. Stein began his career at Credit Suisse before moving to Citigroup and subsequently joining Deutsche Bank in 2018, where he has continued to build his expertise and reputation within the healthcare equity research field. He holds FINRA Series 7, 63, and 86/87 licenses, underscoring his professional credentials as a registered securities analyst.

    Nathan Stein's questions to KEYCORP /NEW/ (KEY) leadership

    Nathan Stein's questions to KEYCORP /NEW/ (KEY) leadership • Q1 2025

    Question

    Nathan Stein from Deutsche Bank requested elaboration on how KeyCorp gains market share during market dislocations, particularly when clients are delaying new projects. He also asked for the specific drivers behind the elevated gross charge-offs in the commercial real estate (CRE) portfolio during the quarter.

    Answer

    Chairman and CEO Christopher Gorman provided an example of using Key's balance sheet to provide bridge financing for real estate clients when the CMBS market is volatile or unavailable. CFO Clark Khayat addressed the CRE charge-offs, explaining they were not broad-based but were driven by the resolution of just two specific loans, and that the overall health of the CRE portfolio is improving.

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    Nathan Stein's questions to HUNTINGTON BANCSHARES INC /MD/ (HBAN) leadership

    Nathan Stein's questions to HUNTINGTON BANCSHARES INC /MD/ (HBAN) leadership • Q4 2024

    Question

    On behalf of Matt O'Connor, Nathan Stein asked for an elaboration on the 2025 NIM outlook and details regarding the recent $1 billion securities portfolio repositioning.

    Answer

    CFO Zachary Wasserman projected a relatively flat NIM around 3% for 2025, with benefits from fixed asset repricing and lower deposit costs being offset by lower variable-rate loan yields. He explained the securities sale was a tactical move to sell higher risk-weighted corporate securities, unlocking capital with a sub-two-year earn back. He added that significant further repositioning is unlikely due to the portfolio's effective hedging.

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    Nathan Stein's questions to M&T BANK (MTB) leadership

    Nathan Stein's questions to M&T BANK (MTB) leadership • Q3 2024

    Question

    On behalf of Matt O'Connor, Nathan Stein asked about the net interest margin (NIM) trajectory into 2025, given its outperformance, and sought clarification on the components of the 'other revenue' line item.

    Answer

    CFO Daryl Bible confirmed a low 3.60s NIM is expected for Q4 and expressed positivity about the momentum heading into 2025, driven by structural repricing benefits, but deferred specific 2025 guidance to January. He explained that the 'other revenue' category is primarily driven by two strong-performing line items: loan syndications and merchant/card fees.

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