M&T Bank Corporation (NYSE:MTB) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of M&T Bank Corporation (NYSE:MTB) in a report published on Wednesday, MarketBeat Ratings reports. The brokerage issued a market perform rating and a $170.00 price target on the bank’s stock.

Other equities research analysts have also issued research reports about the company. BidaskClub raised M&T Bank Corporation from a hold rating to a buy rating in a report on Thursday, July 6th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $167.00 price objective on shares of M&T Bank Corporation in a report on Friday, July 21st. Macquarie lowered M&T Bank Corporation from a neutral rating to an underperform rating in a report on Friday, August 4th. Jefferies Group LLC reaffirmed a hold rating and issued a $174.00 price objective on shares of M&T Bank Corporation in a report on Monday, May 15th. Finally, Zacks Investment Research lowered M&T Bank Corporation from a buy rating to a hold rating in a report on Monday, April 24th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $161.00.

M&T Bank Corporation (MTB) traded down 1.34% during trading on Wednesday, reaching $156.60. The company had a trading volume of 658,025 shares. M&T Bank Corporation has a 1-year low of $112.25 and a 1-year high of $173.72. The stock has a market capitalization of $23.79 billion, a price-to-earnings ratio of 18.33 and a beta of 0.77. The firm has a 50-day moving average of $162.38 and a 200-day moving average of $160.81.

M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company earned $2.07 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, 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 initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the bank to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Brian E. Hickey sold 2,000 shares of M&T Bank Corporation stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total transaction of $324,040.00. Following the completion of the transaction, the insider now directly owns 12,169 shares in the company, valued at approximately $1,971,621.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard S. Gold sold 6,904 shares of M&T Bank Corporation stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $162.71, for a total value of $1,123,349.84. Following the transaction, the insider now owns 39,326 shares of the company’s stock, valued at $6,398,733.46. The disclosure for this sale can be found here. Insiders have sold a total of 19,012 shares of company stock valued at $3,106,633 over the last 90 days. Insiders own 3.18% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of M&T Bank Corporation by 60.9% in the first quarter. State of Alaska Department of Revenue now owns 17,396 shares of the bank’s stock valued at $2,690,000 after buying an additional 6,584 shares in the last quarter. LGT Capital Partners LTD. increased its position in shares of M&T Bank Corporation by 16.5% in the first quarter. LGT Capital Partners LTD. now owns 81,630 shares of the bank’s stock valued at $12,631,000 after buying an additional 11,570 shares in the last quarter. Huntington National Bank increased its position in shares of M&T Bank Corporation by 17.4% in the first quarter. Huntington National Bank now owns 81,632 shares of the bank’s stock valued at $12,631,000 after buying an additional 12,128 shares in the last quarter. DnB Asset Management AS increased its position in shares of M&T Bank Corporation by 19.1% in the first quarter. DnB Asset Management AS now owns 14,942 shares of the bank’s stock valued at $2,312,000 after buying an additional 2,400 shares in the last quarter. Finally, Berkshire Asset Management LLC PA increased its position in shares of M&T Bank Corporation by 1.8% in the first quarter. Berkshire Asset Management LLC PA now owns 129,253 shares of the bank’s stock valued at $19,999,000 after buying an additional 2,339 shares in the last quarter. 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.

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

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