M&T Bank Corporation’s (MTB) “Buy” Rating Reiterated at Royal Bank Of Canada
M&T Bank Corporation (NYSE:MTB)‘s stock had its “buy” rating reiterated by equities researchers at Royal Bank Of Canada in a report issued on Friday. They presently have a $168.00 target price on the bank’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 9.50% from the stock’s current price.
Several other research firms have also weighed in on MTB. Instinet restated a “neutral” rating and set a $144.00 price target on shares of M&T Bank Corporation in a research report on Wednesday, July 12th. BidaskClub upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $174.00 to $186.00 in a research report on Tuesday, July 11th. Zacks Investment Research lowered shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Macquarie lowered shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $161.00.
Shares of M&T Bank Corporation (NYSE MTB) traded down 0.29% during mid-day trading on Friday, hitting $153.43. 619,503 shares of the company traded hands. The firm has a 50-day moving average of $161.95 and a 200-day moving average of $160.60. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 17.96 and a beta of 0.77. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72.
M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.07 earnings per share. On average, equities analysts predict that M&T Bank Corporation will post $9.27 earnings per share for the current year.
M&T Bank Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $900.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
TRADEMARK VIOLATION WARNING: This piece of content was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece of content on another site, it was stolen and reposted in violation of US and international copyright law. The original version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/08/19/mt-bank-corporations-mtb-buy-rating-reiterated-at-royal-bank-of-canada.html.
In other news, insider Brian E. Hickey sold 2,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total value of $324,040.00. Following the sale, the insider now directly owns 12,169 shares of the company’s stock, valued at $1,971,621.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the sale, the insider now directly owns 20,217 shares in the company, valued at $3,303,862.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,012 shares of company stock worth $3,106,633. Insiders own 3.18% of the company’s stock.
Large investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of M&T Bank Corporation during the first quarter worth $101,000. Dupont Capital Management Corp bought a new stake in shares of M&T Bank Corporation during the second quarter worth $140,000. QCI Asset Management Inc. NY increased its stake in shares of 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 in the last quarter. Mosaic Family Wealth LLC increased its stake in shares of 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 in the last quarter. Finally, Sun Life Financial INC increased its stake in shares of M&T Bank Corporation by 8,576.9% in the second quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after buying an additional 1,115 shares in the last quarter. 79.57% of the stock is currently owned by hedge funds and other institutional investors.
About M&T Bank Corporation
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.
Receive News & Stock Ratings for M&T Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank Corporation and related stocks with our FREE daily email newsletter.