M&T Bank Corp. (MTB) Sees Large Volume Increase
Shares of M&T Bank Corp. (NYSE:MTB) saw unusually-high trading volume on Tuesday . Approximately 803,140 shares traded hands during 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.
MTB has been the subject of several research reports. Credit Suisse Group AG reissued a “hold” rating on shares of M&T Bank Corp. in a report on Monday, May 2nd. Deutsche Bank AG reaffirmed a “hold” rating on shares of M&T Bank Corp. in a report on Saturday, June 4th. Zacks Investment Research lowered M&T Bank Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $119.00 price target (down from $121.00) on shares of M&T Bank Corp. in a report on Tuesday, July 5th. Finally, Nomura lowered M&T Bank Corp. from a “buy” rating to a “neutral” rating and cut their price target for the stock from $131.00 to $103.00 in a report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $138.29.
The firm has a market cap of $18.49 billion and a P/E ratio of 16.22. The stock has a 50 day moving average of $116.46 and a 200-day moving average of $114.53.
M&T Bank Corp. (NYSE:MTB) last posted its quarterly earnings data 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 company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business earned $1.98 earnings per share. M&T Bank Corp.’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities analysts predict that M&T Bank Corp. will post $7.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Tuesday, August 30th.
In other news, VP Michele D. Trolli sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $117.88, for a total transaction of $589,400.00. Following the transaction, the vice president now directly owns 11,679 shares of the company’s stock, valued at $1,376,720.52. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Drew J. Pfirrman sold 3,920 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $114.44, for a total transaction of $448,604.80. Following the transaction, the vice president now directly owns 3,590 shares in the company, valued at $410,839.60. 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 increased its position 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 at the end of the most recent reporting 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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