Zacks Investment Research downgraded shares of M&T Bank Corporation (NYSE:MTB) from a buy rating to a hold rating in a research note issued to investors on Monday, June 19th.
According to Zacks, “M&T Bank’s shares outperformed the Zacks categorized Regional Banks-Major industry over the past six months. The company’s top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposit and loan growth amid an improving economy. Also, the company raised its prime lending rate to 4.25%, following the latest Fed interest rate hike reflecting gradual easing of margin pressure. M&T Bank’s involvement in steady capital deployment activities reflects its strong capital position. Further, the approval of the Financial Choice Act will support its profitability. Nevertheless, mounting costs resulting from ongoing investments remain a hindrance for the bottom line growth.”
A number of other equities research analysts have also issued reports on the company. Jefferies Group LLC reissued a hold rating and issued a $174.00 target price on shares of M&T Bank Corporation in a research report on Monday, May 15th. Royal Bank Of Canada reissued a buy rating and issued a $168.00 target price on shares of M&T Bank Corporation in a research report on Tuesday, April 4th. ValuEngine raised M&T Bank Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. Morgan Stanley reissued an equal weight rating and issued a $152.00 target price on shares of M&T Bank Corporation in a research report on Tuesday, June 6th. Finally, Wedbush boosted their price target on M&T Bank Corporation from $144.00 to $150.00 and gave the stock a neutral rating in a research report on Tuesday, April 18th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $160.64.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 165.17 on Monday. M&T Bank Corporation has a 1-year low of $111.82 and a 1-year high of $173.72. The stock has a 50 day moving average of $159.70 and a 200 day moving average of $159.30. The firm has a market cap of $25.41 billion, a PE ratio of 20.22 and a beta of 0.77.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Monday, April 17th. The bank reported $2.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.94 by $0.18. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. M&T Bank Corporation had a return on equity of 9.22% and a net margin of 23.62%. During the same quarter last year, the firm posted $1.87 earnings per share. Equities research analysts anticipate that M&T Bank Corporation will post $9.14 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 1st were paid a $0.75 dividend. The ex-dividend date was Tuesday, May 30th. This represents a $3.00 annualized dividend and a yield of 1.82%. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 36.67%.
In other news, insider Brian E. Hickey sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total transaction of $324,040.00. Following the completion of the sale, the insider now directly owns 12,169 shares in the company, valued at approximately $1,971,621.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $162.71, for a total value of $1,123,349.84. Following the sale, the insider now owns 39,326 shares of the company’s stock, valued at $6,398,733.46. The disclosure for this sale can be found here. Insiders own 3.18% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. acquired a new position in M&T Bank Corporation during the first quarter worth approximately $101,000. WFG Advisors LP boosted its position in M&T Bank Corporation by 39,277.8% in the fourth quarter. WFG Advisors LP now owns 3,544 shares of the bank’s stock worth $107,000 after buying an additional 3,535 shares during the period. QCI Asset Management Inc. NY boosted its position in M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the period. Mosaic Family Wealth LLC boosted its position in M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the period. Finally, Bluestein R H & Co. acquired a new position in M&T Bank Corporation during the first quarter worth approximately $217,000. 79.08% of the stock is owned by institutional investors.
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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