M&T Bank Corporation (MTB) Given Neutral Rating at Instinet
Instinet reiterated their neutral rating on shares of M&T Bank Corporation (NYSE:MTB) in a report released on Saturday morning. The brokerage currently has a $145.00 price target on the bank’s stock, up from their previous price target of $144.00.
A number of other brokerages also recently weighed in on MTB. Zacks Investment Research upgraded M&T Bank Corporation from a hold rating to a buy rating and set a $182.00 price target on the stock in a report on Tuesday, June 20th. BidaskClub raised M&T Bank Corporation from a hold rating to a buy rating in a research report on Thursday, July 6th. ValuEngine raised M&T Bank Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Jefferies Group LLC raised M&T Bank Corporation from a hold rating to a buy rating and increased their price objective for the stock from $174.00 to $186.00 in a research note on Tuesday, July 11th. Finally, Royal Bank Of Canada restated a buy rating and set a $168.00 price objective on shares of M&T Bank Corporation in a research report on Friday, August 18th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $161.41.
M&T Bank Corporation (NYSE:MTB) opened at 161.31 on Friday. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The stock’s 50 day moving average is $152.57 and its 200 day moving average is $157.38. The stock has a market capitalization of $24.51 billion, a price-to-earnings ratio of 18.88 and a beta of 0.78.
M&T Bank Corporation (NYSE:MTB) last announced its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.07 EPS. On average, equities analysts forecast that M&T Bank Corporation will post $9.27 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $3.00 annualized dividend and a yield of 1.86%. M&T Bank Corporation’s dividend payout ratio (DPR) is currently 35.09%.
M&T Bank Corporation announced that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the bank to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
In related news, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $147.17, for a total value of $139,811.50. Following the transaction, the insider now directly owns 1,488 shares of the company’s stock, valued at approximately $218,988.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the completion of the transaction, the vice president now directly owns 23,091 shares in the company, valued at $3,792,696.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,058 shares of company stock valued at $1,799,055. 3.18% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $101,000. Dupont Capital Management Corp bought a new position in shares of M&T Bank Corporation in the second quarter valued at approximately $140,000. QCI Asset Management Inc. NY raised its position in shares of M&T Bank Corporation by 0.3% in the second quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock valued at $171,000 after purchasing an additional 3 shares during the period. Sun Life Financial INC raised its position 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 valued at $183,000 after purchasing an additional 1,115 shares during the period. Finally, Mosaic Family Wealth LLC raised its position in shares of M&T Bank Corporation by 5.3% in the second quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock valued at $198,000 after purchasing an additional 62 shares during the period. 78.35% of the stock is owned by hedge funds and other 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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