M&T Bank Corp. (NYSE:MTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “M&T Bank’s rising net interest income and decent deposit and loan growth backed by improving economy will aid in top-line enhancement. Further, the bank expects low to mid-single digit loan growth in 2016, following the Hudson City merger in Nov, 2015. Also, steady capital deployment activities along with strong liquidity levels are expected to enhance investors’ confidence in the stock. However, mounting costs resulting from ongoing investments in several areas and pending litigations remain a hindrance for bottom-line growth. Further, the company’s higher exposure in commercial real estate loans poses a threat, in addition to stricter regulatory norms.”
A number of other equities research analysts have also commented on MTB. Deutsche Bank AG reissued a “hold” rating on shares of M&T Bank Corp. in a research report on Saturday, June 4th. Piper Jaffray Cos. reissued a “neutral” rating and issued a $119.00 price target (down from $121.00) on shares of M&T Bank Corp. in a research report on Tuesday, July 5th. Nomura lowered M&T Bank Corp. from a “buy” rating to a “neutral” rating and lowered their price target for the company from $131.00 to $103.00 in a research report on Thursday, July 7th. JPMorgan Chase & Co. increased their price target on M&T Bank Corp. from $120.00 to $123.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th. Finally, Barclays PLC reissued an “overweight” rating and issued a $130.00 price target on shares of M&T Bank Corp. in a research report on Sunday, July 10th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating and four have given a buy rating to the company. M&T Bank Corp. has an average rating of “Hold” and an average target price of $138.29.
Shares of M&T Bank Corp. (NYSE:MTB) opened at 115.70 on Tuesday. The company has a market cap of $18.14 billion, a PE ratio of 15.91 and a beta of 0.78. M&T Bank Corp. has a 12 month low of $100.08 and a 12 month high of $127.39. The stock has a 50 day moving average of $116.78 and a 200-day moving average of $115.47.
M&T Bank Corp. (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by $0.10. The company earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.98 earnings per share. Equities analysts forecast that M&T Bank Corp. will post $7.99 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a dividend of $0.70 per share. The ex-dividend date is Tuesday, August 30th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.42%. M&T Bank Corp.’s dividend payout ratio (DPR) is presently 38.41%.
In other news, insider Brian E. Hickey sold 6,017 shares of M&T Bank Corp. stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $117.45, for a total transaction of $706,696.65. Following the completion of the sale, the insider now owns 17,905 shares in the company, valued at approximately $2,102,942.25. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert J. Bojdak sold 1,152 shares of M&T Bank Corp. stock in a transaction dated Thursday, August 25th. The shares were 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 approximately $2,515,239.10. The disclosure for this sale can be found here. Insiders own 3.63% of the company’s stock.
Several hedge funds have recently modified their holdings of MTB. Norges Bank purchased a new position in shares of M&T Bank Corp. during the fourth quarter worth $122,943,000. Wellington Management Group LLP boosted its position 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 worth $942,345,000 after buying an additional 816,973 shares in the last quarter. FMR LLC boosted its position 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 worth $1,348,394,000 after buying an additional 554,251 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of M&T Bank Corp. during the second quarter worth $47,503,000. Finally, Vanguard Group Inc. boosted its position 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 worth $1,576,270,000 after buying an additional 349,547 shares in the last quarter. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for M&T Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.