M&T Bank Co. (MTB) Rating Lowered to Hold at Zacks Investment Research
M&T Bank Co. (NYSE:MTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “M&T Bank’s shares outperformed the Zacks categorized Regional Banks-Major industry over the past six months. The company’s top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposit and loan growth amid an improving economy. Also, the company raised its prime lending rate to 4.25%, following the latest Fed interest rate hike reflecting gradual easing of margin pressure. M&T Bank’s involvement in steady capital deployment activities reflects its strong capital position. Further, the approval of the Financial Choice Act will support its profitability. Nevertheless, mounting costs resulting from ongoing investments remain a hindrance for the bottom line growth.”
Other analysts have also issued reports about the company. Jefferies Group LLC reiterated a “hold” rating and set a $174.00 price objective on shares of M&T Bank Co. in a research note on Monday, May 15th. Sandler O’Neill reiterated a “hold” rating on shares of M&T Bank Co. in a research note on Wednesday, April 19th. Barclays PLC boosted their price objective on M&T Bank Co. from $172.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Evercore ISI reiterated an “in-line” rating and set a $177.00 price objective on shares of M&T Bank Co. in a research note on Wednesday, April 19th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $152.00 price objective on shares of M&T Bank Co. in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $154.27.
M&T Bank Co. (MTB) traded up 0.59% during mid-day trading on Monday, hitting $162.62. The stock had a trading volume of 124,366 shares. The firm’s 50-day moving average is $159.17 and its 200 day moving average is $158.50. The company has a market cap of $25.02 billion, a price-to-earnings ratio of 19.91 and a beta of 0.76. M&T Bank Co. has a 12 month low of $108.04 and a 12 month high of $173.72.
M&T Bank Co. (NYSE:MTB) last released its quarterly earnings data on Monday, April 17th. The bank reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.18. M&T Bank Co. had a return on equity of 8.72% and a net margin of 25.64%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $1.87 EPS. Equities analysts anticipate that M&T Bank Co. will post $9.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, May 30th. M&T Bank Co.’s dividend payout ratio (DPR) is currently 36.67%.
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In other M&T Bank Co. news, insider Richard S. Gold sold 6,904 shares of M&T Bank Co. stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the completion of the sale, the insider now owns 39,326 shares of the company’s stock, valued at $6,398,733.46. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brian E. Hickey sold 2,000 shares of M&T Bank Co. stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total value of $324,040.00. Following the sale, the insider now directly owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The disclosure for this sale can be found here. Insiders own 3.18% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Co. during the first quarter valued at about $101,000. QCI Asset Management Inc. NY raised its stake in shares of M&T Bank Co. by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock valued at $163,000 after buying an additional 81 shares during the period. Mosaic Family Wealth LLC raised its stake in shares of M&T Bank Co. by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock valued at $180,000 after buying an additional 33 shares during the period. Bluestein R H & Co. purchased a new stake in shares of M&T Bank Co. during the first quarter valued at about $217,000. Finally, WealthTrust Axiom LLC purchased a new stake in shares of M&T Bank Co. during the first quarter valued at about $220,000. 79.24% of the stock is owned by hedge funds and other institutional investors.
M&T Bank Co. Company Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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