Jefferies Group Weighs in on M&T Bank Corp.’s Q4 2016 Earnings (MTB)
M&T Bank Corp. (NYSE:MTB) – Equities researchers at Jefferies Group dropped their Q4 2016 earnings per share (EPS) estimates for M&T Bank Corp. in a research report issued on Tuesday. Jefferies Group analyst K. Usdin now expects that the firm will post earnings of $2.05 per share for the quarter, down from their previous forecast of $2.06. Jefferies Group has a “Hold” rating and a $111.00 price target on the stock. Jefferies Group also issued estimates for M&T Bank Corp.’s Q1 2017 earnings at $1.86 EPS, Q2 2017 earnings at $2.13 EPS, Q3 2017 earnings at $2.20 EPS, Q4 2017 earnings at $2.27 EPS and FY2018 earnings at $9.00 EPS.
M&T Bank Corp. (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the 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 company earned $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year.
A number of other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of M&T Bank Corp. from a “hold” rating to a “sell” rating in a report on Thursday, September 29th. Nomura downgraded shares of M&T Bank Corp. from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $131.00 to $103.00 in a report on Thursday, July 7th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $119.00 price target (down from $121.00) on shares of M&T Bank Corp. in a report on Tuesday, July 5th. Barclays PLC reiterated an “overweight” rating and set a $130.00 price target on shares of M&T Bank Corp. in a report on Sunday, July 10th. Finally, FBR & Co lowered their price target on shares of M&T Bank Corp. from $120.00 to $105.00 and set a “hold” rating for the company in a report on Thursday, July 21st. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the stock. M&T Bank Corp. currently has an average rating of “Hold” and an average target price of $137.48.
Shares of M&T Bank Corp. (NYSE:MTB) traded down 3.05% during trading on Thursday, hitting $113.30. 756,611 shares of the stock traded hands. M&T Bank Corp. has a 52-week low of $100.08 and a 52-week high of $127.39. The company’s 50 day moving average is $116.55 and its 200 day moving average is $116.05. The firm has a market cap of $17.76 billion, a PE ratio of 15.58 and a beta of 0.75.
A number of hedge funds have recently bought and sold shares of the stock. Euclid Advisors LLC bought a new stake in M&T Bank Corp. during the second quarter valued at about $128,000. NEXT Financial Group Inc boosted its stake in M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock valued at $129,000 after buying an additional 293 shares in the last quarter. Investment Counselors of Maryland LLC boosted its stake in M&T Bank Corp. by 3.5% in the second quarter. Investment Counselors of Maryland LLC now owns 1,484 shares of the company’s stock valued at $175,000 after buying an additional 50 shares in the last quarter. Global X Management Co. LLC boosted its stake in M&T Bank Corp. by 99.3% in the second quarter. Global X Management Co. LLC now owns 1,694 shares of the company’s stock valued at $200,000 after buying an additional 844 shares in the last quarter. Finally, Burney Co. bought a new stake in M&T Bank Corp. during the second quarter valued at about $203,000. 78.77% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Drew J. Pfirrman sold 3,920 shares of the company’s 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 sale, the vice president now directly owns 3,590 shares of the company’s stock, valued at $410,839.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert J. Bojdak sold 1,152 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $117.37, for a total transaction of $135,210.24. Following the completion of the sale, the insider now directly owns 21,430 shares in the company, valued at $2,515,239.10. The disclosure for this sale can be found here. 3.63% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 1st were issued a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $2.80 annualized dividend and a yield of 2.40%. M&T Bank Corp.’s dividend payout ratio is presently 38.41%.
M&T Bank Corp. Company Profile
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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