M&T Bank Corporation (MTB) Issues Quarterly Earnings Results, Misses Estimates By $0.19 EPS
M&T Bank Corporation (NYSE:MTB) announced its quarterly earnings results on Wednesday. The bank reported $2.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.40 by ($0.19), MarketWatch Earnings reports. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. During the same quarter in the prior year, the firm posted $2.10 earnings per share.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 160.62 on Thursday. The stock has a market cap of $24.40 billion, a price-to-earnings ratio of 18.80 and a beta of 0.78. The stock’s 50 day moving average is $155.26 and its 200 day moving average is $157.90. M&T Bank Corporation has a 52 week low of $117.29 and a 52 week high of $173.72.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 1.87%. M&T Bank Corporation’s payout ratio is currently 35.09%.
Several equities analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of M&T Bank Corporation in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $170.00 price target on the stock. Robert W. Baird reaffirmed a “sell” rating and issued a $130.00 price target on shares of M&T Bank Corporation in a research report on Friday, October 6th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $167.00 target price on shares of M&T Bank Corporation in a research report on Friday, July 21st. Instinet reissued a “neutral” rating and set a $145.00 target price (up previously from $144.00) on shares of M&T Bank Corporation in a research report on Saturday, September 30th. Finally, Zacks Investment Research cut shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $160.21.
M&T Bank Corporation announced that its Board of Directors has initiated a stock buyback 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 leadership believes its stock is undervalued.
In other M&T Bank Corporation news, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the transaction, the insider now directly owns 20,217 shares in the company, valued at $3,303,862.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sabeth Siddique sold 950 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $147.17, for a total transaction of $139,811.50. Following the completion of the transaction, the insider now owns 1,488 shares in the company, valued at $218,988.96. The disclosure for this sale can be found here. Insiders sold 11,058 shares of company stock worth $1,799,055 over the last quarter. Insiders own 3.18% of the company’s stock.
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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