M&T Bank Co. (MTB) Stock Rating Upgraded by BidaskClub
M&T Bank Co. (NYSE:MTB) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, July 6th.
MTB has been the subject of a number of other research reports. Zacks Investment Research upgraded M&T Bank Co. from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research report on Thursday, April 20th. Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Co. and gave the stock a “hold” rating in a report on Monday, June 19th. Wedbush increased their target price on M&T Bank Co. from $144.00 to $150.00 and gave the stock a “neutral” rating in a report on Tuesday, April 18th. Morgan Stanley reissued an “equal weight” rating and issued a $152.00 target price on shares of M&T Bank Co. in a report on Tuesday, June 6th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $168.00 target price on shares of M&T Bank Co. in a report on Thursday, May 18th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company. M&T Bank Co. presently has an average rating of “Hold” and a consensus target price of $160.40.
Shares of M&T Bank Co. (NYSE MTB) traded down 0.13% during midday trading on Thursday, hitting $163.58. The stock had a trading volume of 678,962 shares. The firm has a market cap of $24.95 billion, a PE ratio of 19.16 and a beta of 0.77. The firm has a 50-day moving average of $162.23 and a 200 day moving average of $160.51. M&T Bank Co. has a 12-month low of $112.17 and a 12-month high of $173.72.
M&T Bank Co. (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, topping the Zacks’ consensus estimate of $2.27 by $0.08. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business posted $2.07 EPS. M&T Bank Co.’s revenue was up 6.6% compared to the same quarter last year. On average, analysts expect that M&T Bank Co. will post $9.27 earnings per share for the current year.
M&T Bank Co. announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the bank to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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In other news, insider Richard S. Gold sold 6,904 shares of M&T Bank Co. stock in a transaction on Friday, June 9th. The stock was sold at an average price of $162.71, for a total value of $1,123,349.84. Following the completion of the sale, the insider now directly owns 39,326 shares of the company’s stock, valued at approximately $6,398,733.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian E. Hickey sold 2,000 shares of M&T Bank Co. stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total value of $324,040.00. Following the completion of the sale, the insider now directly owns 12,169 shares of the company’s stock, valued at $1,971,621.38. The disclosure for this sale can be found here. 3.18% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Numeric Investors LLC boosted its stake in M&T Bank Co. by 29.9% in the fourth quarter. Numeric Investors LLC now owns 12,600 shares of the bank’s stock valued at $1,971,000 after buying an additional 2,900 shares during the period. WFG Advisors LP boosted its stake in M&T Bank Co. by 39,277.8% in the fourth quarter. WFG Advisors LP now owns 3,544 shares of the bank’s stock valued at $107,000 after buying an additional 3,535 shares during the period. UBS Asset Management Americas Inc. boosted its stake in M&T Bank Co. by 4.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 413,011 shares of the bank’s stock valued at $64,608,000 after buying an additional 17,299 shares during the period. Hudson Bay Capital Management LP purchased a new stake in M&T Bank Co. during the fourth quarter valued at approximately $297,000. Finally, Kentucky Retirement Systems purchased a new stake in M&T Bank Co. during the fourth quarter valued at approximately $1,760,000. 79.70% of the stock is owned by institutional investors.
About M&T Bank Co.
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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