M&T Bank Corporation (NYSE:MTB)‘s stock had its “hold” rating reiterated by equities researchers at Keefe, Bruyette & Woods in a research report issued to clients and investors on Friday, July 21st. They currently have a $167.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 5.30% from the stock’s current price.
Several other analysts have also weighed in on the stock. Instinet reiterated a “neutral” rating and issued a $144.00 price objective on shares of M&T Bank Corporation in a research note on Wednesday, July 12th. Jefferies Group LLC upgraded shares of 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. Morgan Stanley reissued an “equal weight” rating and issued a $155.00 price target (up from $152.00) on shares of M&T Bank Corporation in a report on Friday, July 7th. BidaskClub raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Zacks Investment Research downgraded shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. M&T Bank Corporation has an average rating of “Hold” and a consensus target price of $161.00.
Shares of M&T Bank Corporation (NYSE:MTB) traded up 0.06% during trading on Friday, hitting $158.60. 419,142 shares of the stock were exchanged. The firm has a 50 day moving average price of $162.39 and a 200 day moving average price of $160.72. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72. The firm has a market capitalization of $24.10 billion, a P/E ratio of 18.56 and a beta of 0.77.
M&T Bank Corporation (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.27 by $0.08. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.07 EPS. Analysts forecast that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
M&T Bank Corporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $900.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
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In other M&T Bank Corporation news, 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 sale, the insider now owns 39,326 shares of the company’s stock, valued at approximately $6,398,733.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the transaction, the vice president now directly owns 23,091 shares in the company, valued at approximately $3,792,696.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,012 shares of company stock worth $3,106,633. Insiders own 3.18% of the company’s stock.
Large investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new stake in M&T Bank Corporation during the first quarter worth approximately $101,000. Dupont Capital Management Corp acquired a new stake in M&T Bank Corporation during the second quarter worth approximately $140,000. QCI Asset Management Inc. NY boosted its stake in 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 period. Sun Life Financial INC raised its position in shares of M&T Bank Corporation by 8,576.9% in the second quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after buying an additional 1,115 shares in the last quarter. Finally, 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 in the last quarter. Hedge funds and other institutional investors own 79.57% of the company’s stock.
About M&T Bank Corporation
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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