M&T Bank (MTB) Rating Reiterated by Wedbush
M&T Bank (NYSE:MTB)‘s stock had its “neutral” rating reiterated by investment analysts at Wedbush in a research report issued on Tuesday, MarketBeat.com reports. They currently have a $186.00 target price on the financial services provider’s stock, up from their prior target price of $180.00. Wedbush’s target price indicates a potential upside of 0.56% from the company’s current price. Wedbush also issued estimates for M&T Bank’s Q1 2018 earnings at $2.74 EPS, Q2 2018 earnings at $3.17 EPS, Q3 2018 earnings at $3.25 EPS, Q4 2018 earnings at $3.29 EPS, FY2018 earnings at $12.43 EPS, Q1 2019 earnings at $2.90 EPS, Q2 2019 earnings at $3.31 EPS, Q3 2019 earnings at $3.52 EPS, Q4 2019 earnings at $3.53 EPS and FY2019 earnings at $13.25 EPS.
A number of other equities analysts have also recently commented on MTB. Citigroup reissued a “neutral” rating and set a $170.00 price target (up previously from $160.00) on shares of M&T Bank in a report on Monday, October 9th. Zacks Investment Research cut M&T Bank from a “buy” rating to a “hold” rating in a report on Monday, October 9th. Robert W. Baird reissued a “sell” rating and set a $145.00 price target on shares of M&T Bank in a report on Friday, October 20th. Nomura boosted their price target on M&T Bank from $145.00 to $162.00 and gave the stock a “neutral” rating in a report on Monday, October 23rd. Finally, UBS Group raised M&T Bank from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $150.00 to $173.00 in a report on Tuesday, December 12th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $176.12.
Shares of M&T Bank (NYSE:MTB) opened at $184.97 on Tuesday. The firm has a market capitalization of $27,840.00, a price-to-earnings ratio of 20.97, a PEG ratio of 1.16 and a beta of 0.91. The company has a current ratio of 0.99, a quick ratio of 1.05 and a debt-to-equity ratio of 0.54. M&T Bank has a 1 year low of $141.12 and a 1 year high of $193.85.
M&T Bank declared that its Board of Directors has initiated a share repurchase program on Monday, February 5th that permits the company to repurchase $745.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other M&T Bank news, COO Richard S. Gold sold 4,904 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $191.50, for a total value of $939,116.00. Following the completion of the transaction, the chief operating officer now owns 44,888 shares of the company’s stock, valued at approximately $8,596,052. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary N. Geisel sold 1,046 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $170.49, for a total value of $178,332.54. Following the completion of the transaction, the director now directly owns 17,586 shares of the company’s stock, valued at approximately $2,998,237.14. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 29,000 shares of company stock valued at $2,710 and sold 92,427 shares valued at $17,033,174. 3.18% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio increased its holdings in M&T Bank by 2.7% in the 4th quarter. Strs Ohio now owns 12,987 shares of the financial services provider’s stock worth $2,220,000 after purchasing an additional 341 shares in the last quarter. Sky Investment Group LLC increased its stake in shares of M&T Bank by 1.5% in the third quarter. Sky Investment Group LLC now owns 26,560 shares of the financial services provider’s stock valued at $4,277,000 after buying an additional 395 shares during the period. Crossmark Global Holdings Inc. increased its stake in shares of M&T Bank by 3.6% in the fourth quarter. Crossmark Global Holdings Inc. now owns 11,891 shares of the financial services provider’s stock valued at $2,033,000 after buying an additional 417 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of M&T Bank by 1.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 40,476 shares of the financial services provider’s stock valued at $6,518,000 after buying an additional 482 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of M&T Bank by 1.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 27,187 shares of the financial services provider’s stock valued at $4,397,000 after buying an additional 500 shares during the period. 77.70% of the stock is owned by institutional investors and hedge funds.
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About M&T Bank
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.
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