M&T Bank Corp. (NYSE:MTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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.”
MTB has been the subject of a number of other research reports. Barclays PLC restated an “overweight” rating and issued a $130.00 price objective on shares of M&T Bank Corp. in a research note on Sunday, July 10th. Jefferies Group restated a “hold” rating and issued a $111.00 price objective (down previously from $116.00) on shares of M&T Bank Corp. in a research note on Thursday, July 21st. Nomura cut shares of M&T Bank Corp. from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $131.00 to $103.00 in a research note on Thursday, July 7th. FBR & Co dropped their target price on shares of 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, Credit Suisse Group AG reiterated a “hold” rating on shares of M&T Bank Corp. in a research report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus 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 50 day moving average of $116.78 and a 200-day moving average of $115.47. M&T Bank Corp. has a 12-month low of $100.08 and a 12-month high of $127.39. The company has a market capitalization of $18.14 billion, a P/E ratio of 15.91 and a beta of 0.78.
M&T Bank Corp. (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by $0.10. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The business earned $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company posted $1.98 EPS. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts anticipate that M&T Bank Corp. will post $7.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $2.80 annualized dividend and a yield of 2.42%. M&T Bank Corp.’s dividend payout ratio (DPR) is currently 38.41%.
In other M&T Bank Corp. news, insider Kevin J. Pearson sold 33,379 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $116.75, for a total transaction of $3,896,998.25. Following the sale, the insider now directly owns 61,094 shares in the company, valued at approximately $7,132,724.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Drew J. Pfirrman sold 3,920 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $114.44, for a total transaction of $448,604.80. Following the sale, the vice president now owns 3,590 shares in the company, valued at $410,839.60. The disclosure for this sale can be found here. Company insiders own 3.63% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Euclid Advisors LLC bought a new stake in shares of M&T Bank Corp. during the second quarter valued at approximately $128,000. NEXT Financial Group Inc increased its stake in shares of M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock valued at $129,000 after buying an additional 293 shares during the period. Investment Counselors of Maryland LLC increased its stake in shares of M&T Bank Corp. by 3.5% in the second quarter. Investment Counselors of Maryland LLC now owns 1,484 shares of the company’s stock valued at $175,000 after buying an additional 50 shares during the period. Global X Management Co. LLC increased its stake in shares of M&T Bank Corp. by 99.3% in the second quarter. Global X Management Co. LLC now owns 1,694 shares of the company’s stock valued at $200,000 after buying an additional 844 shares during the period. Finally, Burney Co. bought a new stake in shares of M&T Bank Corp. during the second quarter valued at approximately $203,000. Hedge funds and other institutional investors own 78.77% of the company’s stock.
M&T Bank Corp. Company Profile
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.