$2.39 EPS Expected for M&T Bank Corporation (MTB) This Quarter
Analysts predict that M&T Bank Corporation (NYSE:MTB) will announce earnings per share of $2.39 for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for M&T Bank Corporation’s earnings, with the highest EPS estimate coming in at $2.46 and the lowest estimate coming in at $2.34. M&T Bank Corporation reported earnings per share of $2.13 in the same quarter last year, which suggests a positive year over year growth rate of 12.2%. The company is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, October 18th.
According to Zacks, analysts expect that M&T Bank Corporation will report full year earnings of $9.31 per share for the current financial year, with EPS estimates ranging from $9.26 to $9.41. For the next fiscal year, analysts forecast that the business will report earnings of $9.91 per share, with EPS estimates ranging from $9.62 to $10.24. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for M&T Bank Corporation.
M&T Bank Corporation (NYSE:MTB) last posted its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company earned $2.07 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year.
A number of equities research analysts have recently issued reports on the stock. Macquarie cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a report on Friday, August 4th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $167.00 target price on shares of M&T Bank Corporation in a report on Friday, July 21st. BidaskClub raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Instinet dropped their target price on shares of M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Finally, Zacks Investment Research raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $168.00 target price on the stock in a report on Tuesday, September 19th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $160.21.
M&T Bank Corporation (NYSE:MTB) traded down 0.01% during trading on Wednesday, reaching $163.15. The company’s stock had a trading volume of 443,129 shares. The company’s 50 day moving average price is $153.48 and its 200 day moving average price is $157.58. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72. The company has a market cap of $24.79 billion, a P/E ratio of 19.10 and a beta of 0.78.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $3.00 annualized dividend and a yield of 1.84%. M&T Bank Corporation’s dividend payout ratio is currently 35.09%.
M&T Bank Corporation declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION NOTICE: “$2.39 EPS Expected for M&T Bank Corporation (MTB) This Quarter” was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this article on another site, it was illegally copied and republished in violation of US and international copyright and trademark law. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/10/11/2-39-eps-expected-for-mt-bank-corporation-mtb-this-quarter-2.html.
In other M&T Bank Corporation news, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the transaction, the insider now directly owns 20,217 shares of the company’s stock, valued at approximately $3,303,862.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sabeth Siddique sold 950 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total transaction of $139,811.50. Following the completion of the transaction, the insider now directly owns 1,488 shares in the company, valued at $218,988.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,058 shares of company stock worth $1,799,055. Insiders own 3.18% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MTB. QCI Asset Management Inc. NY increased its holdings in shares of M&T Bank Corporation by 0.3% during the second quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock worth $171,000 after purchasing an additional 3 shares during the period. LVW Advisors LLC increased its holdings in shares of M&T Bank Corporation by 0.8% during the first quarter. LVW Advisors LLC now owns 3,298 shares of the bank’s stock worth $532,000 after purchasing an additional 25 shares during the period. NGAM Advisors L.P. increased its holdings in shares of M&T Bank Corporation by 0.4% during the second quarter. NGAM Advisors L.P. now owns 15,523 shares of the bank’s stock worth $2,514,000 after purchasing an additional 57 shares during the period. Mosaic Family Wealth LLC increased its holdings in shares of 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 during the period. Finally, Boston Private Wealth LLC increased its holdings in shares of M&T Bank Corporation by 2.6% during the second quarter. Boston Private Wealth LLC now owns 2,681 shares of the bank’s stock worth $434,000 after purchasing an additional 67 shares during the period. 78.35% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for M&T Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.