Zacks Reiterates “Neutral” Rating for M&T Bank Co. (MTB)
M&T Bank Co. (NYSE:MTB)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Friday. They currently have a $127.00 price objective on the stock. Zacks‘s target price would suggest a potential upside of 5.27% from the company’s current price.
Zacks’ analyst wrote, “M&T Bank’s first-quarter 2014 operating earnings outpaced the Zacks Consensus Estimate. However, this compared unfavorably with the prior-year quarter earnings. Improvement in credit metrics and strong capital ratios were the positives for the quarter. However, higher expenses and lower revenues were the headwinds. We believe the company with a solid business model, sturdy capital position and strategic acquisitions, is well poised for future growth. While the sluggish economic recovery, regulatory issues and low interest rate environment remain headwinds, growth in core deposits will benefit it in the long run. “
Shares of M&T Bank Co. (NYSE:MTB) traded up 0.31% on Friday, hitting $121.02. 640,658 shares of the company’s stock traded hands. M&T Bank Co. has a 1-year low of $100.67 and a 1-year high of $124.16. The stock has a 50-day moving average of $120.9 and a 200-day moving average of $116.. The company has a market cap of $15.913 billion and a price-to-earnings ratio of 15.41.
M&T Bank Co. (NYSE:MTB) last announced its earnings results on Monday, April 14th. The company reported $1.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.62 by $0.04. During the same quarter in the prior year, the company posted $2.06 earnings per share. On average, analysts predict that M&T Bank Co. will post $7.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Thursday, May 29th.
Several other analysts have also recently commented on the stock. Analysts at Sterne Agee initiated coverage on shares of M&T Bank Co. in a research note on Friday. They set a “neutral” rating on the stock. Separately, analysts at Nomura initiated coverage on shares of M&T Bank Co. in a research note on Wednesday, May 14th. They set a “buy” rating and a $146.00 price target on the stock. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of M&T Bank Co. in a research note on Monday, May 12th. They now have a $55.00 price target on the stock, up previously from $53.00. Fourteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $121.85.
M&T Bank Corporation (NYSE:MTB) is a bank holding company.
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