M&T Bank Corporation (MTB) Receives Market Perform Rating from Sanford C. Bernstein
M&T Bank Corporation (NYSE:MTB)‘s stock had its “market perform” rating reissued by investment analysts at Sanford C. Bernstein in a research note issued on Saturday. They presently have a $165.00 price objective on the bank’s stock, down from their previous price objective of $171.00. Sanford C. Bernstein’s target price would indicate a potential upside of 10.01% from the stock’s current price.
A number of other brokerages also recently commented on MTB. Morgan Stanley restated an “equal weight” rating and issued a $155.00 target price (up from $152.00) on shares of M&T Bank Corporation in a research note on Friday, July 7th. BidaskClub upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. ValuEngine upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research downgraded M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $167.00 target price on shares of M&T Bank Corporation in a research note on Friday, July 21st. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $161.24.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 149.99 on Friday. The stock has a market capitalization of $22.79 billion, a P/E ratio of 17.56 and a beta of 0.79. M&T Bank Corporation has a 1-year low of $112.25 and a 1-year high of $173.72. The firm’s 50-day moving average price is $154.51 and its 200 day moving average price is $158.35.
M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, topping the Zacks’ consensus estimate of $2.27 by $0.08. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $2.07 earnings per share. Analysts expect that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
M&T Bank Corporation announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to buyback $900.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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In related news, insider Sabeth Siddique sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $147.17, for a total transaction of $139,811.50. Following the sale, the insider now owns 1,488 shares of the company’s stock, valued at $218,988.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders have sold 11,058 shares of company stock worth $1,799,055. 3.18% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in MTB. Oppenheimer Asset Management Inc. bought a new stake in M&T Bank Corporation during the first quarter worth approximately $101,000. Dupont Capital Management Corp bought a new stake in M&T Bank Corporation during the second quarter worth approximately $140,000. QCI Asset Management Inc. NY raised its holdings in M&T Bank Corporation by 8.3% during the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after purchasing an additional 81 shares in the last quarter. Sun Life Financial INC raised its holdings in M&T Bank Corporation by 8,576.9% during the second quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Mosaic Family Wealth LLC raised its holdings in M&T Bank Corporation by 5.3% during the second quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after purchasing an additional 62 shares in the last quarter. 78.40% of the stock is currently owned by hedge funds and other institutional investors.
M&T Bank Corporation 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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