M&T Bank (NYSE:MTB) had its target price hoisted by Barclays from $205.00 to $210.00 in a research report sent to investors on Monday. The brokerage currently has an overweight rating on the financial services provider’s stock.
Several other equities analysts also recently issued reports on the stock. Jefferies Group restated a buy rating and issued a $201.00 price objective on shares of M&T Bank in a research note on Monday, January 8th. Vining Sparks restated a buy rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, January 8th. ValuEngine upgraded shares of M&T Bank from a hold rating to a buy rating in a research note on Sunday, December 31st. Royal Bank of Canada restated a buy rating on shares of M&T Bank in a research note on Friday, January 19th. Finally, Morgan Stanley restated an equal weight rating and issued a $180.00 price objective on shares of M&T Bank in a research note on Thursday, December 14th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $176.41.
M&T Bank (MTB) opened at $195.32 on Monday. The company has a market capitalization of $29,060.73, a price-to-earnings ratio of 20.52, a P/E/G ratio of 1.24 and a beta of 0.91. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.54. M&T Bank has a twelve month low of $141.12 and a twelve month high of $196.64.
M&T Bank announced that its Board of Directors has authorized a stock repurchase program on Monday, February 5th that allows the company to buyback $745.00 million in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 5th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, March 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. M&T Bank’s dividend payout ratio (DPR) is 34.52%.
In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $171.19, for a total transaction of $171,190.00. Following the completion of the sale, the director now owns 52,049 shares in the company, valued at $8,910,268.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Todaro sold 672 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $188.56, for a total transaction of $126,712.32. Following the sale, the insider now owns 814 shares of the company’s stock, valued at approximately $153,487.84. The disclosure for this sale can be found here. Insiders have sold 92,427 shares of company stock valued at $17,033,174 in the last quarter. Insiders own 3.18% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Xact Kapitalforvaltning AB boosted its stake in shares of M&T Bank by 13.6% during the fourth quarter. Xact Kapitalforvaltning AB now owns 13,249 shares of the financial services provider’s stock worth $2,265,000 after buying an additional 1,587 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of M&T Bank by 4.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 70,194 shares of the financial services provider’s stock worth $12,002,000 after buying an additional 2,869 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of M&T Bank by 42.1% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,442 shares of the financial services provider’s stock worth $1,443,000 after buying an additional 2,500 shares during the period. BB&T Investment Services Inc. boosted its stake in shares of M&T Bank by 53.0% during the fourth quarter. BB&T Investment Services Inc. now owns 5,047 shares of the financial services provider’s stock worth $869,000 after buying an additional 1,748 shares during the period. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth about $7,963,000. Institutional investors and hedge funds own 75.81% of the company’s stock.
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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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