M&T Bank Co. (MTB) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of M&T Bank Co. (NYSE:MTB) from a hold rating to a buy rating in a research report report published on Thursday morning. The firm currently has $170.00 target price on the bank’s stock.
According to Zacks, “M&T Bank’s shares outperformed the Zacks categorized Regional Banks-Major industry over the past six months. The company’s first-quarter 2017 net operating earnings surpassed the Zacks Consensus Estimate. Top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposit and loan growth amid an improving economy. Also, the company raised its prime lending rate to 4.00%, following the Fed’s interest rate hike to 0.75–1.00% reflecting gradual ease in the pressure on margin. Further, the company’s strong capital position is reflected by its steady capital deployment activities. Nevertheless, mounting costs resulting from ongoing investments in several areas and pending litigations remain a hindrance for the bottom line growth. Also, M&T Bank’s higher exposure in commercial real estate loans poses a near term risk.”
MTB has been the topic of several other reports. Royal Bank of Canada restated a buy rating and set a $168.00 target price on shares of M&T Bank Co. in a report on Wednesday, January 4th. Barclays PLC restated an overweight rating and set a $172.00 target price (up from $130.00) on shares of M&T Bank Co. in a report on Tuesday, January 3rd. Keefe, Bruyette & Woods restated a hold rating and set a $157.00 target price on shares of M&T Bank Co. in a report on Wednesday, April 5th. FBR & Co raised their target price on M&T Bank Co. from $160.00 to $165.00 and gave the company a market perform rating in a report on Friday, January 20th. Finally, Wedbush raised their target price on M&T Bank Co. from $144.00 to $150.00 and gave the company a neutral rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the stock. M&T Bank Co. currently has an average rating of Hold and an average price target of $146.93.
M&T Bank Co. (NYSE:MTB) traded up 0.029% during trading on Thursday, reaching $154.325. The company had a trading volume of 327,573 shares. The stock has a market cap of $23.79 billion, a PE ratio of 19.841 and a beta of 0.77. M&T Bank Co. has a 52-week low of $108.04 and a 52-week high of $173.72. The company has a 50-day moving average price of $157.89 and a 200 day moving average price of $148.83.
M&T Bank Co. (NYSE:MTB) last posted its earnings results on Monday, April 17th. The bank reported $2.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.94 by $0.18. M&T Bank Co. had a return on equity of 8.98% and a net margin of 22.98%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period last year, the company earned $1.87 earnings per share. On average, analysts anticipate that M&T Bank Co. will post $8.73 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Monday, March 6th were issued a $0.75 dividend. This is an increase from M&T Bank Co.’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, March 2nd. M&T Bank Co.’s payout ratio is presently 35.94%.
In other news, insider D Scott N. Warman sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $161.36, for a total value of $161,360.00. Following the transaction, the insider now directly owns 12,380 shares of the company’s stock, valued at approximately $1,997,636.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gino A. Martocci sold 3,079 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $164.98, for a total value of $507,973.42. Following the completion of the transaction, the insider now directly owns 12,747 shares in the company, valued at $2,103,000.06. The disclosure for this sale can be found here. Insiders sold a total of 8,034 shares of company stock worth $1,318,119 over the last three months. 3.63% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MTB. Norges Bank acquired a new position in shares of M&T Bank Co. during the fourth quarter valued at approximately $130,002,000. The Manufacturers Life Insurance Company acquired a new position in shares of M&T Bank Co. during the third quarter valued at approximately $75,610,000. State Street Corp increased its position in shares of M&T Bank Co. by 8.6% in the fourth quarter. State Street Corp now owns 8,198,689 shares of the bank’s stock valued at $1,282,529,000 after buying an additional 648,171 shares during the last quarter. Morgan Stanley increased its position in shares of M&T Bank Co. by 190.0% in the third quarter. Morgan Stanley now owns 278,498 shares of the bank’s stock valued at $32,334,000 after buying an additional 182,468 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in shares of M&T Bank Co. during the third quarter valued at approximately $11,635,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.
About M&T Bank Co.
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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