M&T Bank Corp. (MTB) Upgraded by Zacks Investment Research to Hold
According to Zacks, “M&T Bank’s rising net interest income and decent deposit and loan growth backed by improving economy will aid in top-line enhancement. Further, the bank expects low to mid-single digit loan growth in 2016, following the Hudson City merger in Nov, 2015. Also, steady capital deployment activities along with strong liquidity levels are expected to enhance investors’ confidence in the stock. However, mounting costs resulting from ongoing investments in several areas and pending litigations remain a hindrance for bottom-line growth. Further, the company’s higher exposure in commercial real estate loans poses a threat, in addition to stricter regulatory norms.”
A number of other analysts also recently commented on MTB. Deutsche Bank AG reiterated a hold rating on shares of M&T Bank Corp. in a research report on Saturday, June 4th. Piper Jaffray Cos. reiterated a neutral rating and issued a $119.00 price objective (down previously from $121.00) on shares of M&T Bank Corp. in a research report on Tuesday, July 5th. Nomura downgraded 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 report on Thursday, July 7th. JPMorgan Chase & Co. raised their target price on M&T Bank Corp. from $120.00 to $123.00 and gave the stock a neutral rating in a research report on Thursday, July 7th. Finally, Barclays PLC restated an overweight rating and set a $130.00 target price on shares of M&T Bank Corp. in a research report on Sunday, July 10th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $138.29.
M&T Bank Corp. (NYSE:MTB) opened at 115.33 on Tuesday. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39. The stock has a 50 day moving average price of $116.68 and a 200 day moving average price of $115.47. The company has a market cap of $18.08 billion, a PE ratio of 15.86 and a beta of 0.78.
M&T Bank Corp. (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the Zacks’ consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a return on equity of 8.58% and a net margin of 22.07%. The firm earned $1.31 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business posted $1.98 EPS. M&T Bank Corp.’s revenue was up 11.2% compared to the same quarter last year. Equities analysts forecast that M&T Bank Corp. will post $7.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be paid a dividend of $0.70 per share. The ex-dividend date is Tuesday, August 30th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.43%. M&T Bank Corp.’s dividend payout ratio (DPR) is presently 38.41%.
In other M&T Bank Corp. news, VP Drew J. Pfirrman sold 500 shares of M&T Bank Corp. stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $117.47, for a total transaction of $58,735.00. Following the transaction, the vice president now directly owns 3,090 shares in the company, valued at $362,982.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert G. Wilmers sold 60,363 shares of M&T Bank Corp. stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $118.32, for a total value of $7,142,150.16. Following the transaction, the chief executive officer now owns 2,490,996 shares in the company, valued at $294,734,646.72. The disclosure for this sale can be found here. Corporate insiders own 3.63% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MTB. Stifel Financial Corp raised its position in M&T Bank Corp. by 7.0% in the fourth quarter. Stifel Financial Corp now owns 81,986 shares of the company’s stock valued at $9,935,000 after buying an additional 5,381 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in M&T Bank Corp. by 19.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 17,355 shares of the company’s stock valued at $2,103,000 after buying an additional 2,822 shares in the last quarter. Norges Bank acquired a new position in M&T Bank Corp. during the fourth quarter valued at $122,943,000. Creative Planning raised its position in M&T Bank Corp. by 2.1% in the first quarter. Creative Planning now owns 10,450 shares of the company’s stock valued at $1,160,000 after buying an additional 210 shares in the last quarter. Finally, DnB Asset Management AS acquired a new position in M&T Bank Corp. during the first quarter valued at $1,215,000. Hedge funds and other institutional investors own 78.77% of the company’s stock.
About M&T Bank Corp.
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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