M&T Bank Corp. (MTB) Sees Large Volume Increase
Shares of M&T Bank Corp. (NYSE:MTB) saw an uptick in trading volume on Tuesday . 803,140 shares changed hands during mid-day trading, an increase of 21% from the previous session’s volume of 664,685 shares.The stock last traded at $117.19 and had previously closed at $118.21.
A number of brokerages have issued reports on MTB. Nomura downgraded shares of M&T Bank Corp. to a “hold” rating in a report on Saturday, July 9th. Wells Fargo & Co. restated a “hold” rating on shares of M&T Bank Corp. in a report on Saturday, July 9th. Deutsche Bank AG restated a “hold” rating on shares of M&T Bank Corp. in a report on Sunday, June 26th. Zacks Investment Research upgraded shares of M&T Bank Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of M&T Bank Corp. from $120.00 to $123.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $138.29.
The firm has a market capitalization of $18.33 billion and a PE ratio of 16.08. The firm has a 50 day moving average of $116.47 and a 200 day moving average of $114.56.
M&T Bank Corp. (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.98 earnings per share for the quarter, missing the Zacks’ consensus estimate 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. During the same quarter in the previous year, the business posted $1.98 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities analysts expect that M&T Bank Corp. will post $7.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be given a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $2.80 annualized dividend and a dividend yield of 2.37%.
In related news, VP Drew J. Pfirrman sold 3,920 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $114.44, for a total value of $448,604.80. Following the sale, the vice president now directly owns 3,590 shares in the company, valued at approximately $410,839.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Robert G. Wilmers sold 100,000 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $117.76, for a total transaction of $11,776,000.00. Following the completion of the sale, the chairman now owns 2,598,729 shares in the company, valued at $306,026,327.04. The disclosure for this sale can be found here.
An institutional investor recently raised its position in M&T Bank Corp. stock. State of Tennessee Treasury Department raised its stake in M&T Bank Corp. (NYSE:MTB) by 4.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,491 shares of the company’s stock after buying an additional 2,263 shares during the period. State of Tennessee Treasury Department’s holdings in M&T Bank Corp. were worth $6,724,000 as of its most recent filing with the SEC.
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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