M&T Bank Corporation (MTB) Given Average Recommendation of “Hold” by Analysts
M&T Bank Corporation (NYSE:MTB) has earned an average recommendation of “Hold” from the twenty-two research firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $159.94.
Several brokerages have issued reports on MTB. Sanford C. Bernstein reissued a “market perform” rating and issued a $165.00 price objective (down from $171.00) on shares of M&T Bank Corporation in a research note on Saturday. ValuEngine raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Wells Fargo & Company began coverage on shares of M&T Bank Corporation in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $170.00 price objective on the stock. BidaskClub cut shares of M&T Bank Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Instinet reissued a “neutral” rating and issued a $144.00 price objective on shares of M&T Bank Corporation in a research note on Wednesday, July 12th.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 149.99 on Friday. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The stock has a market capitalization of $22.79 billion, a P/E ratio of 17.56 and a beta of 0.79. The company’s 50-day moving average is $154.51 and its 200-day moving average is $158.35.
M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. M&T Bank Corporation’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post $9.27 earnings per share for the current year.
M&T Bank Corporation announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.75 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 2.00%. M&T Bank Corporation’s dividend payout ratio is presently 35.09%.
In related news, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the sale, the vice president now directly owns 23,091 shares in the company, valued at approximately $3,792,696.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert J. Bojdak sold 1,200 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the sale, the insider now owns 20,217 shares in the company, valued at $3,303,862.14. The disclosure for this sale can be found here. Insiders sold a total of 11,058 shares of company stock worth $1,799,055 over the last quarter. Insiders own 3.18% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Corporation in the 1st quarter worth about $101,000. Dupont Capital Management Corp purchased a new stake in shares of M&T Bank Corporation in the 2nd quarter worth about $140,000. QCI Asset Management Inc. NY boosted its position in shares of M&T Bank Corporation by 8.3% in the 1st quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares in the last quarter. Mosaic Family Wealth LLC boosted its position in shares of M&T Bank Corporation by 2.9% in the 1st quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares in the last quarter. Finally, Sun Life Financial INC boosted its position in shares of M&T Bank Corporation by 8,576.9% in the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after buying an additional 1,115 shares in the last quarter. Institutional investors and hedge funds own 78.40% of the company’s stock.
About M&T Bank Corporation
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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