M&T Bank Co. (NYSE:MTB) – Equities researchers at Jefferies Group increased their Q1 2018 earnings per share (EPS) estimates for shares of M&T Bank in a note issued to investors on Thursday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $2.74 per share for the quarter, up from their previous estimate of $2.60. Jefferies Group currently has a “Buy” rating and a $201.00 price target on the stock. Jefferies Group also issued estimates for M&T Bank’s Q2 2018 earnings at $3.04 EPS, Q3 2018 earnings at $3.16 EPS, Q4 2018 earnings at $3.22 EPS, FY2018 earnings at $12.15 EPS and FY2019 earnings at $13.13 EPS.
Several other research firms have also issued reports on MTB. Royal Bank of Canada reissued a “buy” rating on shares of M&T Bank in a research report on Friday. Piper Jaffray Companies reissued a “neutral” rating on shares of M&T Bank in a research report on Thursday. Wells Fargo & Co set a $180.00 price target on shares of M&T Bank and gave the stock a “hold” rating in a research report on Wednesday, December 20th. Vining Sparks reissued a “buy” rating and issued a $200.00 price target on shares of M&T Bank in a research report on Monday, January 8th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $180.00 price target on shares of M&T Bank in a research report on Thursday, December 14th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $171.12.
M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.40 by $0.26. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its stake in shares of M&T Bank by 75.3% during the fourth quarter. State of Alaska Department of Revenue now owns 19,973 shares of the financial services provider’s stock valued at $3,413,000 after purchasing an additional 8,580 shares during the last quarter. McCollum Christoferson Group LLC bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $209,000. Berkshire Asset Management LLC PA grew its stake in shares of M&T Bank by 6.8% during the fourth quarter. Berkshire Asset Management LLC PA now owns 139,217 shares of the financial services provider’s stock valued at $23,805,000 after purchasing an additional 8,903 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of M&T Bank by 4.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 514,981 shares of the financial services provider’s stock valued at $88,057,000 after purchasing an additional 20,275 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its stake in shares of M&T Bank by 51.9% during the fourth quarter. DAVENPORT & Co LLC now owns 2,561 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 875 shares during the last quarter. 77.73% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $171.19, for a total transaction of $171,190.00. Following the sale, the director now directly owns 52,049 shares of the company’s stock, valued at $8,910,268.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael R. Spychala sold 13,417 shares of the stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $170.92, for a total transaction of $2,293,233.64. Following the sale, the vice president now directly owns 51,622 shares in the company, valued at $8,823,232.24. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 114,000 shares of company stock valued at $9,710 and have sold 32,128 shares valued at $5,474,208. Company insiders own 3.18% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Thursday, November 30th. M&T Bank’s payout ratio is 34.52%.
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M&T Bank 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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