M&T Bank Corporation (MTB) Releases Earnings Results, Misses Expectations By $0.19 EPS
M&T Bank Corporation (NYSE:MTB) announced its quarterly earnings results on Wednesday. The bank reported $2.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.40 by ($0.19), MarketWatch Earnings reports. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. During the same quarter in the previous year, the firm earned $2.10 EPS.
M&T Bank Corporation (MTB) opened at 164.14 on Wednesday. M&T Bank Corporation has a 12 month low of $113.42 and a 12 month high of $173.72. The company’s 50-day moving average is $154.34 and its 200-day moving average is $157.76. The stock has a market capitalization of $24.94 billion, a PE ratio of 19.21 and a beta of 0.78.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were given 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 1.83%. M&T Bank Corporation’s dividend payout ratio is 35.09%.
A number of analysts recently commented on MTB shares. Morgan Stanley restated an “equal weight” rating and set a $155.00 price target (up from $152.00) on shares of M&T Bank Corporation in a research note on Friday, July 7th. BidaskClub upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research cut shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $167.00 price target on shares of M&T Bank Corporation in a research note on Friday, July 21st. Finally, Macquarie cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. M&T Bank Corporation has a consensus rating of “Hold” and a consensus price target of $160.21.
M&T Bank Corporation declared that its Board of Directors has initiated a share repurchase plan 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 plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Sabeth Siddique sold 950 shares of the company’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 transaction, the insider now directly owns 1,488 shares in the company, valued at $218,988.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert J. Bojdak sold 1,200 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the transaction, the insider now owns 20,217 shares in the company, valued at $3,303,862.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,058 shares of company stock worth $1,799,055. Company insiders own 3.18% of the company’s stock.
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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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