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.

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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.

Analyst Recommendations for M&T Bank Corporation (NYSE:MTB)

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