M&T Bank Corp. (MTB) Upgraded by Zacks Investment Research to “Hold”
M&T Bank Corp. (NYSE:MTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “M&T Bank’s rising net interest income and decent deposit and loan growth backed by improving economy will aid in top-line enhancement. Further, the bank expects low to mid-single digit loan growth in 2016, following the Hudson City merger in Nov, 2015. Also, steady capital deployment activities along with strong liquidity levels are expected to enhance investors’ confidence in the stock. However, mounting costs resulting from ongoing investments in several areas and pending litigations remain a hindrance for bottom-line growth. Further, the company’s higher exposure in commercial real estate loans poses a threat, in addition to stricter regulatory norms.”
Several other analysts have also recently issued reports on the company. Nomura cut M&T Bank Corp. from a “buy” rating to a “neutral” rating and dropped their target price for the company from $131.00 to $103.00 in a report on Thursday, July 7th. Piper Jaffray Cos. restated a “neutral” rating and issued a $119.00 target price (down from $121.00) on shares of M&T Bank Corp. in a report on Tuesday, July 5th. Barclays PLC reiterated an “overweight” rating and set a $130.00 price target on shares of M&T Bank Corp. in a report on Sunday, July 10th. FBR & Co lowered their price target on M&T Bank Corp. from $120.00 to $105.00 and set a “hold” rating for the company in a report on Thursday, July 21st. Finally, Jefferies Group reiterated a “hold” rating and set a $111.00 price target (down from $116.00) on shares of M&T Bank Corp. in a report on Thursday, July 21st. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $138.29.
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Shares of M&T Bank Corp. (NYSE:MTB) traded up 0.57% during mid-day trading on Tuesday, reaching $115.69. The company had a trading volume of 137,123 shares. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39. The stock’s 50-day moving average price is $116.60 and its 200 day moving average price is $115.43. The company has a market capitalization of $18.14 billion, a PE ratio of 15.91 and a beta of 0.78.
M&T Bank Corp. (NYSE:MTB) last issued its earnings results on Wednesday, July 20th. The company reported $1.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by $0.10. The company earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 earnings per share. Equities analysts expect that M&T Bank Corp. will post $7.99 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $2.80 dividend on an annualized basis and a yield of 2.43%. M&T Bank Corp.’s dividend payout ratio is presently 38.41%.
In other M&T Bank Corp. news, CEO Robert G. Wilmers sold 60,363 shares of M&T Bank Corp. stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $118.32, for a total value of $7,142,150.16. Following the transaction, the chief executive officer now directly owns 2,490,996 shares in the company, valued at approximately $294,734,646.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert G. Wilmers sold 39,637 shares of M&T Bank Corp. stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $118.38, for a total value of $4,692,228.06. Following the completion of the transaction, the chief executive officer now owns 2,490,996 shares in the company, valued at $294,884,106.48. The disclosure for this sale can be found here. Corporate insiders own 3.63% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Stifel Financial Corp increased its position in shares of M&T Bank Corp. by 7.0% in the fourth quarter. Stifel Financial Corp now owns 81,986 shares of the company’s stock valued at $9,935,000 after buying an additional 5,381 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of M&T Bank Corp. by 19.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 17,355 shares of the company’s stock valued at $2,103,000 after buying an additional 2,822 shares during the period. Norges Bank bought a new position in shares of M&T Bank Corp. during the fourth quarter valued at $122,943,000. Creative Planning increased its position in shares of M&T Bank Corp. by 2.1% in the first quarter. Creative Planning now owns 10,450 shares of the company’s stock valued at $1,160,000 after buying an additional 210 shares during the period. Finally, DnB Asset Management AS bought a new position in shares of M&T Bank Corp. during the first quarter valued at $1,215,000. Institutional investors own 78.77% of the company’s stock.
About M&T Bank Corp.
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
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