M&T Bank Corporation (MTB) Expected to Post Quarterly Sales of $1.43 Billion
Equities analysts predict that M&T Bank Corporation (NYSE:MTB) will report sales of $1.43 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for M&T Bank Corporation’s earnings. The lowest sales estimate is $1.42 billion and the highest is $1.44 billion. M&T Bank Corporation reported sales of $1.35 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.9%. The company is scheduled to report its next earnings report before the market opens on Wednesday, October 18th.
According to Zacks, analysts expect that M&T Bank Corporation will report full year sales of $1.43 billion for the current fiscal year, with estimates ranging from $5.59 billion to $5.67 billion. For the next fiscal year, analysts forecast that the company will report sales of $5.85 billion per share, with estimates ranging from $5.79 billion to $5.96 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for M&T Bank Corporation.
M&T Bank Corporation (NYSE:MTB) last released 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 for the quarter, compared to analyst estimates of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. M&T Bank Corporation’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.07 EPS.
A number of equities research analysts have recently weighed in on MTB shares. BidaskClub upgraded shares of M&T Bank Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Macquarie downgraded shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Instinet lowered their price objective on shares of M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Sanford C. Bernstein restated a “market perform” rating and set a $165.00 price objective (down from $171.00) on shares of M&T Bank Corporation in a research report on Saturday, September 16th. Finally, Nomura boosted their price objective on shares of M&T Bank Corporation from $144.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. Five equities research analysts have rated the stock with a sell rating, fourteen have assigned 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 a consensus price target of $160.21.
In related news, insider Robert J. Bojdak sold 1,200 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the sale, the insider now owns 20,217 shares of the company’s stock, valued at $3,303,862.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sabeth Siddique sold 950 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 1,488 shares in the company, valued at approximately $218,988.96. The disclosure for this sale can be found here. In the last three months, insiders sold 11,058 shares of company stock worth $1,799,055. 3.18% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Bank of Nova Scotia grew its stake in shares of M&T Bank Corporation by 900.4% in the first quarter. Bank of Nova Scotia now owns 35,275 shares of the bank’s stock worth $5,458,000 after purchasing an additional 31,749 shares during the last quarter. Paloma Partners Management Co grew its stake in shares of M&T Bank Corporation by 109.3% in the first quarter. Paloma Partners Management Co now owns 18,601 shares of the bank’s stock worth $2,878,000 after purchasing an additional 9,714 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in shares of M&T Bank Corporation by 1.8% in the second quarter. Xact Kapitalforvaltning AB now owns 11,392 shares of the bank’s stock worth $1,845,000 after purchasing an additional 202 shares during the last quarter. Huntington National Bank grew its stake in shares of M&T Bank Corporation by 15.3% in the second quarter. Huntington National Bank now owns 94,093 shares of the bank’s stock worth $15,239,000 after purchasing an additional 12,461 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of M&T Bank Corporation by 2.9% in the second quarter. Janney Montgomery Scott LLC now owns 26,778 shares of the bank’s stock worth $4,337,000 after purchasing an additional 758 shares during the last quarter. 78.35% of the stock is currently owned by institutional investors.
Shares of M&T Bank Corporation (NYSE MTB) opened at 162.83 on Friday. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 19.06 and a beta of 0.78. M&T Bank Corporation has a 52-week low of $113.42 and a 52-week high of $173.72. The company’s 50-day moving average price is $154.02 and its 200-day moving average price is $157.66.
M&T Bank Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. M&T Bank Corporation’s dividend payout ratio is 35.09%.
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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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