M&T Bank Corp. (MTB) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS
M&T Bank Corp. (NYSE:MTB) posted its quarterly earnings data on Wednesday. The company reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.05. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%.
M&T Bank Corp. (NYSE:MTB) opened at 115.27 on Wednesday. The stock has a market cap of $18.07 billion, a price-to-earnings ratio of 15.85 and a beta of 0.75. The firm’s 50 day moving average price is $116.15 and its 200-day moving average price is $116.15. M&T Bank Corp. has a 52 week low of $100.08 and a 52 week high of $127.39.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Tuesday, August 30th. M&T Bank Corp.’s dividend payout ratio is presently 38.41%.
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In related news, CEO Robert G. Wilmers sold 60,363 shares of the firm’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $118.32, for a total transaction of $7,142,150.16. Following the transaction, the chief executive officer now owns 2,490,996 shares in the company, valued at $294,734,646.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Drew J. Pfirrman sold 3,920 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $114.44, for a total transaction of $448,604.80. Following the transaction, the vice president now owns 3,590 shares in the company, valued at approximately $410,839.60. The disclosure for this sale can be found here. Corporate insiders own 3.63% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Euclid Advisors LLC bought a new position in M&T Bank Corp. during the second quarter worth approximately $128,000. Burney Co. bought a new position in M&T Bank Corp. during the second quarter worth approximately $203,000. Menta Capital LLC bought a new position in M&T Bank Corp. during the second quarter worth approximately $224,000. Advisor Group Inc. bought a new position in M&T Bank Corp. during the second quarter worth approximately $226,000. Finally, Wetherby Asset Management Inc. raised its position in M&T Bank Corp. by 0.6% in the second quarter. Wetherby Asset Management Inc. now owns 1,984 shares of the company’s stock worth $234,000 after buying an additional 12 shares in the last quarter. Institutional investors and hedge funds own 79.50% of the company’s stock.
MTB has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of M&T Bank Corp. from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Nomura cut shares of M&T Bank Corp. to a “hold” rating in a research report on Saturday, July 9th. Zacks Investment Research upgraded shares of M&T Bank Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 20th. Wells Fargo & Co. restated a “hold” rating on shares of M&T Bank Corp. in a research report on Saturday, July 9th. Finally, Wedbush initiated coverage on shares of M&T Bank Corp. in a research report on Thursday, October 6th. They issued a “neutral” rating and a $117.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $137.48.
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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