M&T Bank Corp. (NYSE:MTB) had its target price boosted by analysts at Credit Agricole SA from $128.00 to $129.00 in a note issued to investors on Friday. The brokerage presently has an “outperform” rating on the stock. Credit Agricole SA’s price objective indicates a potential upside of 13.00% from the company’s previous close.
MTB has been the subject of a number of other reports. Zacks Investment Research downgraded M&T Bank Corp. from a “hold” rating to a “sell” rating in a research report on Monday, June 27th. Deutsche Bank AG restated a “hold” rating on shares of M&T Bank Corp. in a research report on Saturday, June 4th. Barclays PLC restated an “overweight” rating and set a $130.00 price objective on shares of M&T Bank Corp. in a research report on Sunday, July 10th. FBR & Co lowered their price objective on M&T Bank Corp. from $120.00 to $105.00 and set a “hold” rating for the company in a research report on Thursday, July 21st. Finally, Piper Jaffray Cos. restated a “neutral” rating and set a $119.00 price objective (down from $121.00) on shares of M&T Bank Corp. in a research report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $137.86.
Shares of M&T Bank Corp. (NYSE:MTB) opened at 114.16 on Friday. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39. The company has a market cap of $17.90 billion, a PE ratio of 15.70 and a beta of 0.78. The firm has a 50-day moving average price of $116.86 and a 200 day moving average price of $115.69.
M&T Bank Corp. (NYSE:MTB) last posted its earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.08 by $0.10. The firm earned $1.31 billion during the quarter, compared to the consensus estimate of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. M&T Bank Corp.’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.98 earnings per share. On average, equities analysts anticipate that M&T Bank Corp. will post $7.96 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be paid a $0.70 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $2.80 annualized dividend and a dividend yield of 2.45%. M&T Bank Corp.’s payout ratio is presently 38.41%.
In other M&T Bank Corp. news, VP Drew J. Pfirrman sold 3,920 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $114.44, for a total value of $448,604.80. Following the sale, the vice president now directly owns 3,590 shares in the company, valued at $410,839.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian E. Hickey sold 6,017 shares of the business’s stock in a transaction on 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 owns 17,905 shares in the company, valued at $2,102,942.25. The disclosure for this sale can be found here. 3.63% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of M&T Bank Corp. by 10.6% in the first quarter. Wellington Management Group LLP now owns 8,489,589 shares of the company’s stock valued at $942,345,000 after buying an additional 816,973 shares during the last quarter. FMR LLC raised its stake in shares of M&T Bank Corp. by 5.1% in the second quarter. FMR LLC now owns 11,404,841 shares of the company’s stock valued at $1,348,394,000 after buying an additional 554,251 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of M&T Bank Corp. during the second quarter valued at about $47,503,000. Vanguard Group Inc. raised its stake in shares of M&T Bank Corp. by 2.7% in the second quarter. Vanguard Group Inc. now owns 13,332,239 shares of the company’s stock valued at $1,576,270,000 after buying an additional 349,547 shares during the last quarter. Finally, Vontobel Asset Management Inc. purchased a new stake in shares of M&T Bank Corp. during the second quarter valued at about $22,870,000. Hedge funds and other institutional investors own 78.77% of the company’s stock.
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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