M&T Bank Corporation (NYSE:MTB) Downgraded to “Underperform” at Macquarie
Macquarie lowered shares of M&T Bank Corporation (NYSE:MTB) from a neutral rating to an underperform rating in a report released on Friday morning, Marketbeat.com reports.
A number of other brokerages also recently commented on MTB. Instinet restated a neutral rating and issued a $144.00 target price on shares of M&T Bank Corporation in a research note on Wednesday, July 12th. BidaskClub upgraded M&T Bank Corporation from a hold rating to a buy rating in a research note on Thursday, July 6th. Jefferies Group LLC upgraded M&T Bank Corporation from a hold rating to a buy rating and upped their target price for the stock from $174.00 to $186.00 in a research note on Tuesday, July 11th. Zacks Investment Research downgraded M&T Bank Corporation from a buy rating to a hold rating in a research note on Tuesday, July 4th. Finally, Morgan Stanley restated an equal weight rating and issued a $155.00 target price (up previously from $152.00) on shares of M&T Bank Corporation in a research note on Friday, July 7th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company’s stock. M&T Bank Corporation has an average rating of Hold and an average target price of $160.40.
M&T Bank Corporation (NYSE MTB) opened at 163.62 on Friday. M&T Bank Corporation has a 1-year low of $112.17 and a 1-year high of $173.72. The company has a market cap of $24.96 billion, a P/E ratio of 19.16 and a beta of 0.77. The stock has a 50 day moving average price of $162.23 and a 200 day moving average price of $160.51.
M&T Bank Corporation (NYSE:MTB) last issued its earnings results on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $2.07 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts anticipate that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: “M&T Bank Corporation (NYSE:MTB) Downgraded to “Underperform” at Macquarie” was posted by Daily Political and is owned by of Daily Political. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of US and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/08/mt-bank-corporation-nysemtb-downgraded-to-underperform-at-macquarie.html.
M&T Bank Corporation declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $900.00 million in shares. This buyback authorization permits the bank to buy up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other M&T Bank Corporation news, insider Richard S. Gold sold 6,904 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the completion of the transaction, the insider now owns 39,326 shares of the company’s stock, valued at $6,398,733.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian E. Hickey sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total value of $324,040.00. Following the transaction, the insider now directly owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The disclosure for this sale can be found here. 3.18% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. purchased a new position in shares of M&T Bank Corporation during the first quarter worth approximately $101,000. Dupont Capital Management Corp purchased a new position in shares of M&T Bank Corporation during the second quarter worth approximately $140,000. QCI Asset Management Inc. NY boosted its position in shares of M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the last quarter. Mosaic Family Wealth LLC boosted its position in shares of M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the last quarter. Finally, Bluestein R H & Co. purchased a new position in shares of M&T Bank Corporation during the first quarter worth approximately $217,000. 79.63% of the stock is owned by institutional investors and hedge funds.
M&T Bank Corporation Company Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
Receive News & Ratings for M&T Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.