M&T Bank Corporation (MTB) Earns “Hold” Rating from Keefe, Bruyette & Woods
M&T Bank Corporation (NYSE:MTB)‘s stock had its “hold” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Friday. They currently have a $167.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 8.57% from the company’s previous close.
Several other research analysts have also issued reports on MTB. ValuEngine upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley restated an “equal weight” rating and set a $152.00 price target on shares of M&T Bank Corporation in a report on Tuesday, June 6th. BidaskClub upgraded shares of M&T Bank Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Zacks Investment Research lowered shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 19th. Finally, Instinet lowered their price target on shares of M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $160.41.
Shares of M&T Bank Corporation (NYSE:MTB) traded down 0.39% during midday trading on Friday, hitting $153.82. 496,435 shares of the stock traded hands. The company has a market capitalization of $23.37 billion, a price-to-earnings ratio of 18.01 and a beta of 0.79. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72. The firm’s 50-day moving average is $153.96 and its 200 day moving average is $157.97.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business earned $2.07 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Equities analysts forecast 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 initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the bank to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
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In related news, insider Sabeth Siddique sold 950 shares of M&T Bank Corporation stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total value of $139,811.50. Following the completion of the sale, the insider now owns 1,488 shares of the company’s stock, valued at approximately $218,988.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of M&T Bank Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the completion of the sale, the vice president now directly owns 23,091 shares of the company’s stock, valued at approximately $3,792,696.75. The disclosure for this sale can be found here. In the last three months, insiders sold 11,058 shares of company stock valued at $1,799,055. 3.18% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. acquired a new stake in M&T Bank Corporation in the 1st quarter valued at $101,000. Dupont Capital Management Corp acquired a new stake in M&T Bank Corporation in the 2nd quarter valued at $140,000. QCI Asset Management Inc. NY boosted its holdings in M&T Bank Corporation by 0.3% during the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock worth $171,000 after acquiring an additional 3 shares during the last quarter. Sun Life Financial INC boosted its holdings in M&T Bank Corporation by 8,576.9% during the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after acquiring an additional 1,115 shares during the last quarter. Finally, Mosaic Family Wealth LLC boosted its holdings in M&T Bank Corporation by 5.3% during the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after acquiring an additional 62 shares during the last quarter. 78.35% of the stock is owned by institutional investors and hedge funds.
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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