Equities research analysts at Wells Fargo & Company assumed coverage on shares of M&T Bank Corporation (NYSE:MTB) in a research note issued on Wednesday, The Fly reports. The firm set a “market perform” rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Thursday, April 20th. ValuEngine raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $168.00 target price on shares of M&T Bank Corporation in a report on Thursday, May 18th. BidaskClub raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Jefferies Group LLC raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and upped their target price for the company from $174.00 to $186.00 in a report on Tuesday, July 11th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $160.40.

Shares of M&T Bank Corporation (NYSE:MTB) traded down 0.83% during midday trading on Wednesday, hitting $163.00. The stock had a trading volume of 761,918 shares. The company’s 50 day moving average price is $162.39 and its 200-day moving average price is $160.59. M&T Bank Corporation has a 1-year low of $112.25 and a 1-year high of $173.72. The firm has a market capitalization of $24.86 billion, a PE ratio of 19.09 and a beta of 0.77.

M&T Bank Corporation (NYSE:MTB) last issued its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. M&T Bank Corporation’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.07 EPS. Equities analysts predict that M&T Bank Corporation will post $9.27 earnings per share for the current year.

M&T Bank Corporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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In other M&T Bank Corporation news, 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 transaction of $324,040.00. Following the transaction, the insider now owns 12,169 shares in the company, valued at approximately $1,971,621.38. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction, the insider now owns 39,326 shares in the company, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,812 shares of company stock worth $2,910,529. Company insiders own 3.18% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $101,000. Dupont Capital Management Corp acquired a new position in shares of M&T Bank Corporation during the second quarter worth about $140,000. QCI Asset Management Inc. NY raised 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 raised 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. acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $217,000. Hedge funds and other institutional investors own 79.63% of the company’s stock.

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.

The Fly

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

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