FY2017 EPS Estimates for M&T Bank Corporation (MTB) Reduced by Analyst
M&T Bank Corporation (NYSE:MTB) – Research analysts at Wedbush decreased their FY2017 earnings per share estimates for M&T Bank Corporation in a research report issued on Thursday. Wedbush analyst P. Winter now expects that the bank will post earnings of $9.08 per share for the year, down from their previous estimate of $9.32. Wedbush also issued estimates for M&T Bank Corporation’s Q4 2017 earnings at $2.40 EPS, Q1 2018 earnings at $2.21 EPS, Q2 2018 earnings at $2.46 EPS, Q3 2018 earnings at $2.62 EPS, Q4 2018 earnings at $2.63 EPS and FY2018 earnings at $9.91 EPS.
Several other research firms have also recently issued reports on MTB. Macquarie cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Instinet decreased 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. BidaskClub cut shares of M&T Bank Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. Sanford C. Bernstein reissued a “market perform” rating and issued a $165.00 price target (down from $171.00) on shares of M&T Bank Corporation in a research report on Saturday, September 16th. Finally, Nomura boosted their price target 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 assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $161.00.
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M&T Bank Corporation (NYSE:MTB) opened at 165.20 on Monday. M&T Bank Corporation has a 12 month low of $117.30 and a 12 month high of $173.72. The stock’s 50 day moving average price is $156.13 and its 200-day moving average price is $158.01. The firm has a market capitalization of $25.10 billion, a P/E ratio of 19.34 and a beta of 0.78.
M&T Bank Corporation (NYSE:MTB) last issued its quarterly earnings results on Wednesday, October 18th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.19). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. M&T Bank Corporation had a return on equity of 9.52% and a net margin of 23.97%. During the same period in the previous year, the company posted $2.10 earnings per share.
M&T Bank Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $900.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually 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. Shareholders of record on Friday, September 1st were paid a $0.75 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. M&T Bank Corporation’s dividend payout ratio is presently 34.64%.
In other news, insider Robert J. Bojdak sold 1,200 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were 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 in the company, valued at $3,303,862.14. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the transaction, the vice president now owns 23,091 shares in the company, valued at $3,792,696.75. 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. 3.18% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of MTB. Oppenheimer Asset Management Inc. acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $101,000. Dupont Capital Management Corp acquired a new position in shares of M&T Bank Corporation during the second quarter worth about $140,000. QCI Asset Management Inc. NY increased its stake 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 acquiring an additional 3 shares during the period. Sun Life Financial INC increased its stake in shares of M&T Bank Corporation by 8,576.9% during the second quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after acquiring an additional 1,115 shares during the period. Finally, Mosaic Family Wealth LLC increased its stake 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 acquiring an additional 62 shares during the period. Institutional investors and hedge funds own 78.35% of the company’s stock.
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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