Zacks Investment Research Upgrades M&T Bank Corp. (MTB) 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 issued 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 equities analysts have also commented on MTB. Deutsche Bank AG reissued a “hold” rating on shares of M&T Bank Corp. in a report on Saturday, June 4th. Piper Jaffray Cos. reissued 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. Nomura lowered shares of M&T Bank Corp. from a “buy” rating to a “neutral” rating and decreased their target price for the company from $131.00 to $103.00 in a report on Thursday, July 7th. JPMorgan Chase & Co. raised their target price on shares of M&T Bank Corp. from $120.00 to $123.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Finally, Barclays PLC reissued an “overweight” rating and issued a $130.00 target price on shares of M&T Bank Corp. in a report on Sunday, July 10th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and four have issued a buy rating to the company’s stock. M&T Bank Corp. presently has an average rating of “Hold” and an average target price of $138.29.
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Shares of M&T Bank Corp. (NYSE:MTB) traded up 0.52% during trading on Tuesday, reaching $115.63. 129,453 shares of the company traded hands. The company has a 50 day moving average price of $116.60 and a 200 day moving average price of $115.43. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 15.90 and a beta of 0.78. M&T Bank Corp. has a 12-month low of $100.08 and a 12-month high of $127.39.
M&T Bank Corp. (NYSE:MTB) last released its earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The firm earned $1.31 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the business earned $1.98 earnings per share. M&T Bank Corp.’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts predict that M&T Bank Corp. will post $7.99 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be given 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 dividend yield of 2.43%. M&T Bank Corp.’s payout ratio is presently 38.41%.
In other M&T Bank Corp. news, CEO Robert G. Wilmers sold 39,637 shares of the business’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $118.38, for a total transaction of $4,692,228.06. Following the completion of the sale, the chief executive officer now owns 2,490,996 shares in the company, valued at approximately $294,884,106.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert J. Bojdak sold 1,152 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $117.37, for a total transaction of $135,210.24. Following the sale, the insider now owns 21,430 shares of the company’s stock, valued at approximately $2,515,239.10. The disclosure for this sale can be found here. Corporate insiders own 3.63% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Speece Thorson Capital Group Inc. raised its stake in shares of M&T Bank Corp. by 0.6% in the fourth quarter. Speece Thorson Capital Group Inc. now owns 130,680 shares of the company’s stock worth $15,836,000 after buying an additional 796 shares during the period. Suntrust Banks Inc. raised its stake in shares of M&T Bank Corp. by 12.6% in the fourth quarter. Suntrust Banks Inc. now owns 20,957 shares of the company’s stock worth $2,538,000 after buying an additional 2,348 shares during the period. Bank of Montreal Can raised its stake in shares of M&T Bank Corp. by 10.9% in the fourth quarter. Bank of Montreal Can now owns 242,357 shares of the company’s stock worth $29,370,000 after buying an additional 23,879 shares during the period. Renaissance Technologies LLC raised its stake in shares of M&T Bank Corp. by 121.7% in the first quarter. Renaissance Technologies LLC now owns 335,070 shares of the company’s stock worth $37,193,000 after buying an additional 183,900 shares during the period. Finally, Sei Investments Co. raised its stake in shares of M&T Bank Corp. by 73.0% in the fourth quarter. Sei Investments Co. now owns 18,697 shares of the company’s stock worth $2,266,000 after buying an additional 7,888 shares during the period. Institutional investors and hedge funds own 78.77% of the company’s stock.
M&T Bank Corp. Company Profile
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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