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.

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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.

Analyst Recommendations for M&T Bank Corporation (NYSE:MTB)

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