M&T Bank Corp. (MTB) Lowered to Sell at Zacks Investment Research
According to Zacks, “M&T Bank’s bottom-line growth remains challenged owing to rising expenses. Notably, management expects FDIC’s surcharge imposition to result in additional assessment expense of $5 million per quarter starting in the third quarter. Further, the company’s higher exposure in commercial real estate loans poses a threat to its profitability. Moreover, stringent regulatory norms are expected to deter M&T Bank’s flexibility in its business investments and operations. However, rising net interest income and inorganic growth strategies supported by sound liquidity position will likely bolster the company’s top-line growth. Further, improving economy will enhance loan growth and credit quality.”
Other analysts also recently issued research reports about the stock. Nomura downgraded shares of M&T Bank Corp. to a hold rating in a report on Saturday, July 9th. Wells Fargo & Co. reiterated a hold rating on shares of M&T Bank Corp. in a report on Saturday, July 9th. Deutsche Bank AG reiterated a hold rating on shares of M&T Bank Corp. in a report on Sunday, June 26th. Piper Jaffray Cos. reiterated a neutral rating and issued a $119.00 target price (down previously from $121.00) on shares of M&T Bank Corp. in a report on Tuesday, July 5th. Finally, Robert W. Baird reiterated an underperform rating on shares of M&T Bank Corp. in a report on Thursday, August 4th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $137.86.
Shares of M&T Bank Corp. (NYSE:MTB) traded up 0.70% during mid-day trading on Thursday, hitting $115.34. 112,521 shares of the company traded hands. The stock has a market capitalization of $18.08 billion, a price-to-earnings ratio of 15.86 and a beta of 0.78. The firm has a 50-day moving average of $116.69 and a 200-day moving average of $115.71. M&T Bank Corp. has a one year low of $100.08 and a one year high of $127.39.
M&T Bank Corp. (NYSE:MTB) last announced its earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by $0.10. The firm earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 EPS. On average, equities analysts predict that M&T Bank Corp. will post $7.96 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, August 30th. M&T Bank Corp.’s dividend payout ratio (DPR) is presently 38.41%.
In other M&T Bank Corp. news, VP Drew J. Pfirrman sold 3,920 shares of M&T Bank Corp. stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $114.44, for a total transaction of $448,604.80. Following the transaction, the vice president now directly owns 3,590 shares of the company’s stock, valued at $410,839.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert G. Wilmers sold 60,363 shares of M&T Bank Corp. stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $118.32, for a total transaction of $7,142,150.16. Following the transaction, the chief executive officer now directly owns 2,490,996 shares in the company, valued at $294,734,646.72. The disclosure for this sale can be found here. Company insiders own 3.63% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Euclid Advisors LLC acquired a new position in M&T Bank Corp. during the second quarter valued at approximately $128,000. NEXT Financial Group Inc increased its position in shares of M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock valued at $129,000 after buying an additional 293 shares during the last quarter. Investment Counselors of Maryland LLC increased its position in shares of M&T Bank Corp. by 3.5% in the second quarter. Investment Counselors of Maryland LLC now owns 1,484 shares of the company’s stock valued at $175,000 after buying an additional 50 shares during the last quarter. Global X Management Co. LLC increased its position in shares of M&T Bank Corp. by 99.3% in the second quarter. Global X Management Co. LLC now owns 1,694 shares of the company’s stock valued at $200,000 after buying an additional 844 shares during the last quarter. Finally, Burney Co. purchased a new position in shares of M&T Bank Corp. during the second quarter valued at approximately $203,000. 78.77% of the stock is currently owned by hedge funds and other institutional investors.
M&T Bank Corp. Company Profile
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
Receive News & Stock Ratings for M&T Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank Corp. and related stocks with our FREE daily email newsletter.