According to Zacks, “M&T Bank’s bottom-line growth remains challenged owing to rising expenses. Notably, management expects FDIC’s surcharge imposition to result in additional assessment expense of $5 million per quarter starting in the third quarter. Further, the company’s higher exposure in commercial real estate loans poses a threat to its profitability. Moreover, stringent regulatory norms are expected to deter M&T Bank’s flexibility in its business investments and operations. However, rising net interest income and inorganic growth strategies supported by sound liquidity position will likely bolster the company’s top-line growth. Further, improving economy will enhance loan growth and credit quality.”
MTB has been the subject of several other research reports. Nomura lowered M&T Bank Corp. from a buy rating to a neutral rating and cut their price objective for the company from $131.00 to $103.00 in a report on Thursday, July 7th. Piper Jaffray Cos. reaffirmed a neutral rating and set a $119.00 target price (down from $121.00) on shares of M&T Bank Corp. in a research report on Tuesday, July 5th. Barclays PLC reaffirmed an overweight rating and set a $130.00 target price on shares of M&T Bank Corp. in a research report on Sunday, July 10th. FBR & Co cut their target price on M&T Bank Corp. from $120.00 to $105.00 and set a hold rating on the stock in a research report on Thursday, July 21st. Finally, Credit Agricole SA upped their price target on M&T Bank Corp. from $128.00 to $129.00 and gave the company an outperform rating in a research report on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $138.50.
Shares of M&T Bank Corp. (NYSE:MTB) opened at 115.20 on Thursday. The company’s 50-day moving average price is $116.64 and its 200-day moving average price is $115.84. M&T Bank Corp. has a 52-week low of $100.08 and a 52-week high of $127.39. The stock has a market cap of $18.06 billion, a PE ratio of 15.84 and a beta of 0.75.
M&T Bank Corp. (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $1.98 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a return on equity of 8.58% and a net margin of 22.07%. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm posted $1.98 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. Analysts expect that M&T Bank Corp. will post $7.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 1st were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Tuesday, August 30th. M&T Bank Corp.’s dividend payout ratio is 38.41%.
In related news, insider Robert J. Bojdak sold 1,152 shares of M&T Bank Corp. stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $117.37, for a total value of $135,210.24. Following the sale, the insider now owns 21,430 shares of the company’s stock, valued at $2,515,239.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian E. Hickey sold 6,017 shares of M&T Bank Corp. stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $117.45, for a total value of $706,696.65. Following the completion of the sale, the insider now directly owns 17,905 shares in the company, valued at approximately $2,102,942.25. The disclosure for this sale can be found here. 3.63% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in MTB. Renaissance Technologies LLC increased its stake in M&T Bank Corp. by 121.7% in the first quarter. Renaissance Technologies LLC now owns 335,070 shares of the company’s stock worth $37,193,000 after buying an additional 183,900 shares in the last quarter. Westpac Banking Corp increased its stake in M&T Bank Corp. by 116.2% in the second quarter. Westpac Banking Corp now owns 53,798 shares of the company’s stock worth $6,361,000 after buying an additional 28,911 shares in the last quarter. Speece Thorson Capital Group Inc. increased its stake in M&T Bank Corp. by 10.2% in the second quarter. Speece Thorson Capital Group Inc. now owns 157,425 shares of the company’s stock worth $18,612,000 after buying an additional 14,615 shares in the last quarter. Geode Capital Management LLC increased its stake in M&T Bank Corp. by 2.1% in the first quarter. Geode Capital Management LLC now owns 1,301,841 shares of the company’s stock worth $144,220,000 after buying an additional 26,974 shares in the last quarter. Finally, AMP Capital Investors Ltd increased its stake in M&T Bank Corp. by 1.4% in the first quarter. AMP Capital Investors Ltd now owns 37,135 shares of the company’s stock worth $4,158,000 after buying an additional 500 shares in the last quarter. 78.77% of the stock is currently owned by institutional investors and hedge funds.
About M&T Bank Corp.
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
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