M&T Bank Corporation (MTB) Set to Announce Earnings on Wednesday
M&T Bank Corporation (NYSE:MTB) is scheduled to post its quarterly earnings results before the market opens on Wednesday, October 18th. Analysts expect M&T Bank Corporation to post earnings of $2.38 per share for the quarter.
M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $2.07 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, analysts expect M&T Bank Corporation to post $9.28 EPS for the current fiscal year and $10.00 EPS for the next fiscal year.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 163.16 on Wednesday. M&T Bank Corporation has a 12 month low of $112.25 and a 12 month 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 company’s 50 day moving average is $153.48 and its 200-day moving average is $157.58.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders 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 35.09%.
M&T Bank Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the bank to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other M&T Bank Corporation news, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $218,988.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction dated 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 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. Insiders sold a total of 11,058 shares of company stock valued at $1,799,055 in the last 90 days. Corporate insiders own 3.18% of the company’s stock.
A number of equities analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of M&T Bank Corporation in a report on Wednesday, August 9th. They set a “market perform” rating and a $170.00 price objective for the company. Robert W. Baird reaffirmed a “sell” rating and set a $130.00 price objective on shares of M&T Bank Corporation in a report on Friday, October 6th. Keefe, Bruyette & Woods set a $160.00 price objective on shares of M&T Bank Corporation and gave the stock a “hold” rating in a report on Monday, June 19th. Instinet reaffirmed a “neutral” rating and set a $145.00 price objective (up from $144.00) on shares of M&T Bank Corporation in a report on Saturday, September 30th. Finally, Zacks Investment Research downgraded shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Monday. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company’s stock. M&T Bank Corporation has an average rating of “Hold” and an average price target of $160.21.
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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