Zacks Investment Research upgraded shares of M&T Bank (NYSE:MTB) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $201.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of M&T Bank have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. M&T Bank’s top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposits and loan growth amid an improving economy. Also, the bank’s involvement in steady capital deployment activities boosts shareholders’ confidence. Though, consistently rising expenses due to ongoing investments remains a concern, M&T Bank's focus on expansion through inorganic growth opportunities bode well for the long term.”
Several other research analysts have also recently issued reports on the company. Barclays upped their price objective on M&T Bank from $205.00 to $210.00 and gave the stock an overweight rating in a research report on Monday, February 26th. Jefferies Group reaffirmed a buy rating and set a $201.00 price objective on shares of M&T Bank in a research report on Monday, January 8th. UBS raised M&T Bank from a sell rating to a neutral rating and upped their price objective for the stock from $150.00 to $173.00 in a research report on Tuesday, December 12th. Wells Fargo set a $180.00 price objective on M&T Bank and gave the stock a hold rating in a research report on Wednesday, December 20th. Finally, Royal Bank of Canada reaffirmed a buy rating on shares of M&T Bank in a research report on Friday, January 19th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $175.47.
M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.40 by $0.26. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. M&T Bank had a return on equity of 10.12% and a net margin of 23.40%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.98 EPS. equities research analysts predict that M&T Bank will post 12.24 EPS for the current year.
M&T Bank announced that its board has authorized a stock buyback plan on Monday, February 5th that permits the company to repurchase $745.00 million in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Monday, March 5th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Friday, March 2nd. M&T Bank’s payout ratio is currently 32.09%.
In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $194.85, for a total transaction of $194,850.00. Following the completion of the sale, the director now directly owns 52,197 shares of the company’s stock, valued at approximately $10,170,585.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Todaro sold 672 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $188.56, for a total value of $126,712.32. Following the sale, the insider now directly owns 814 shares of the company’s stock, valued at $153,487.84. The disclosure for this sale can be found here. Insiders sold a total of 72,091 shares of company stock valued at $13,594,655 over the last three months. Company insiders own 0.48% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors purchased a new stake in M&T Bank during the 4th quarter valued at approximately $171,000. Calton & Associates Inc. purchased a new stake in M&T Bank during the 4th quarter valued at approximately $178,000. NuWave Investment Management LLC purchased a new stake in M&T Bank during the 4th quarter valued at approximately $197,000. Savant Capital LLC purchased a new stake in M&T Bank during the 4th quarter valued at approximately $202,000. Finally, Shelton Capital Management purchased a new stake in M&T Bank during the 4th quarter valued at approximately $202,000. 77.62% of the stock is owned by hedge funds and other institutional investors.
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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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