M&T Bank Co. (NYSE:MTB) Downgraded by Macquarie to Underperform
M&T Bank Co. (NYSE:MTB) was downgraded by research analysts at Macquarie from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday, MarketBeat reports.
A number of other analysts have also recently weighed in on MTB. BidaskClub cut M&T Bank Co. from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $160.00 price target on shares of M&T Bank Co. in a research note on Tuesday, April 18th. Jefferies Group LLC upgraded M&T Bank Co. from a “hold” rating to a “buy” rating and raised their price target for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. Instinet restated a “neutral” rating and issued a $144.00 price target on shares of M&T Bank Co. in a research note on Wednesday, July 12th. Finally, Evercore ISI restated an “in-line” rating and issued a $177.00 price target on shares of M&T Bank Co. in a research note on Wednesday, April 19th. Five analysts have rated the stock with a sell rating, eleven 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 price target of $160.40.
Shares of M&T Bank Co. (NYSE MTB) traded down 0.13% on Friday, reaching $163.58. The company had a trading volume of 678,962 shares. The firm has a market capitalization of $24.95 billion, a PE ratio of 19.16 and a beta of 0.77. The firm’s 50 day moving average is $162.23 and its 200 day moving average is $160.51. M&T Bank Co. has a 12 month low of $112.17 and a 12 month high of $173.72.
M&T Bank Co. (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned $2.07 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts expect that M&T Bank Co. will post $9.27 earnings per share for the current fiscal year.
M&T Bank Co. declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $900.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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In related news, insider Brian E. Hickey sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total transaction of $324,040.00. Following the transaction, the insider now owns 12,169 shares of the company’s stock, valued at $1,971,621.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard S. Gold sold 6,904 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $162.71, for a total value of $1,123,349.84. Following the transaction, the insider now directly owns 39,326 shares in the company, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. Company insiders own 3.18% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank raised its position in M&T Bank Co. by 17.4% in the first quarter. Huntington National Bank now owns 81,632 shares of the bank’s stock worth $12,631,000 after buying an additional 12,128 shares in the last quarter. DnB Asset Management AS raised its stake in shares of M&T Bank Co. by 19.1% in the first quarter. DnB Asset Management AS now owns 14,942 shares of the bank’s stock worth $2,312,000 after buying an additional 2,400 shares in the last quarter. Berkshire Asset Management LLC PA raised its stake in shares of M&T Bank Co. by 1.8% in the first quarter. Berkshire Asset Management LLC PA now owns 129,253 shares of the bank’s stock worth $19,999,000 after buying an additional 2,339 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of M&T Bank Co. during the first quarter worth $1,021,000. Finally, Parametrica Management Ltd acquired a new stake in shares of M&T Bank Co. during the first quarter worth $626,000. 79.70% of the stock is currently owned by hedge funds and other institutional investors.
About M&T Bank Co.
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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