M&T Bank Corp. (MTB) Shares Gap Up to $116.31
M&T Bank Corp. (NYSE:MTB) shares gapped up before the market opened on Monday . The stock had previously closed at $116.00, but opened at $116.31. M&T Bank Corp. shares last traded at $117.75, with a volume of 180,356 shares traded.
MTB has been the subject of several recent analyst reports. Nomura lowered shares of M&T Bank Corp. from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $131.00 to $103.00 in a research note on Thursday, July 7th. Zacks Investment Research lowered shares of M&T Bank Corp. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 26th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $119.00 price objective (down previously from $121.00) on shares of M&T Bank Corp. in a research note on Tuesday, July 5th. Barclays PLC reiterated an “overweight” rating and set a $130.00 price objective on shares of M&T Bank Corp. in a research note on Sunday, July 10th. Finally, FBR & Co reduced their price objective on shares of M&T Bank Corp. from $120.00 to $105.00 and set a “hold” rating for the company in a research note on Thursday, July 21st. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have issued a buy rating to the company’s stock. M&T Bank Corp. has a consensus rating of “Hold” and a consensus price target of $138.29.
The firm has a 50-day moving average price of $115.43 and a 200-day moving average price of $113.64. The company has a market capitalization of $18.51 billion and a P/E ratio of 16.24.
M&T Bank Corp. (NYSE:MTB) last announced its earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by $0.10. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.32 billion. M&T Bank Corp.’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.98 earnings per share. On average, equities analysts predict that M&T Bank Corp. will post $7.99 EPS for the current fiscal year.
In other news, VP Drew J. Pfirrman sold 3,920 shares of M&T Bank Corp. stock in a transaction on Monday, August 1st. The shares were sold at an average price of $114.44, for a total value of $448,604.80. Following the transaction, the vice president now directly owns 3,590 shares of the company’s stock, valued at approximately $410,839.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael J. Todaro sold 1,700 shares of M&T Bank Corp. stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $117.57, for a total transaction of $199,869.00. Following the completion of the transaction, the insider now directly owns 2,972 shares in the company, valued at $349,418.04. The disclosure for this sale can be found here.
Other institutional investors have made changes to their positions in the company. BlackRock Advisors LLC boosted its position in shares of M&T Bank Corp. by 21.9% in the fourth quarter. BlackRock Advisors LLC now owns 414,968 shares of the company’s stock worth $50,286,000 after buying an additional 74,420 shares during the last quarter. Eaton Vance Management raised its position in M&T Bank Corp. by 42.3% in the fourth quarter. Eaton Vance Management now owns 45,574 shares of the company’s stock worth $5,523,000 after buying an additional 13,543 shares during the period. Spectrum Advisory Services Inc. purchased a new position in M&T Bank Corp. during the fourth quarter worth $1,045,000. Victory Capital Management Inc. raised its position in M&T Bank Corp. by 131.5% in the fourth quarter. Victory Capital Management Inc. now owns 14,616 shares of the company’s stock worth $1,771,000 after buying an additional 8,303 shares during the period. Finally, Morgan Stanley raised its position in M&T Bank Corp. by 6.6% in the fourth quarter. Morgan Stanley now owns 111,670 shares of the company’s stock worth $13,532,000 after buying an additional 6,897 shares during the period.
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
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