M&T Bank Corporation (MTB) Given Average Recommendation of “Hold” by Analysts
Shares of M&T Bank Corporation (NYSE:MTB) have earned an average rating of “Hold” from the twenty-three brokerages that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $159.78.
MTB has been the topic of a number of recent research reports. Sanford C. Bernstein reissued a “market perform” rating and issued a $165.00 target price (down previously from $171.00) on shares of M&T Bank Corporation in a research report on Saturday, September 16th. BidaskClub lowered M&T Bank Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Robert W. Baird reissued a “sell” rating and issued a $130.00 target price on shares of M&T Bank Corporation in a research report on Friday, October 6th. Morgan Stanley reissued an “equal weight” rating and issued a $155.00 target price (up previously from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. Finally, Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Corporation and gave the company a “hold” rating in a research report on Monday, June 19th.
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Shares of M&T Bank Corporation (NYSE:MTB) opened at 163.16 on Wednesday. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The firm has a 50-day moving average of $153.48 and a 200-day moving average of $157.58. The firm has a market capitalization of $24.79 billion, a P/E ratio of 19.10 and a beta of 0.78.
M&T Bank Corporation (NYSE:MTB) last announced its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm earned $2.07 EPS. M&T Bank Corporation’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts predict that M&T Bank Corporation will post $9.28 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Wednesday, August 30th. M&T Bank Corporation’s payout ratio is presently 35.09%.
M&T Bank Corporation declared that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, insider Robert J. Bojdak sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total transaction 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction, the vice president now directly owns 23,091 shares in the company, valued at $3,792,696.75. The disclosure for this sale can be found here. Insiders have sold a total of 11,058 shares of company stock worth $1,799,055 over the last three months. 3.18% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Bank of Nova Scotia increased its holdings in shares of M&T Bank Corporation by 900.4% during the 1st quarter. Bank of Nova Scotia now owns 35,275 shares of the bank’s stock worth $5,458,000 after acquiring an additional 31,749 shares during the last quarter. Paloma Partners Management Co boosted its stake in M&T Bank Corporation by 109.3% in the 1st quarter. Paloma Partners Management Co now owns 18,601 shares of the bank’s stock valued at $2,878,000 after purchasing an additional 9,714 shares during the period. Xact Kapitalforvaltning AB boosted its stake in M&T Bank Corporation by 1.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 11,392 shares of the bank’s stock valued at $1,845,000 after purchasing an additional 202 shares during the period. Janney Montgomery Scott LLC boosted its stake in M&T Bank Corporation by 2.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 26,778 shares of the bank’s stock valued at $4,337,000 after purchasing an additional 758 shares during the period. Finally, Dupont Capital Management Corp bought a new stake in M&T Bank Corporation in the 2nd quarter valued at $140,000. 78.35% of the stock is currently 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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