M&T Bank Corporation (NYSE:MTB) – Wedbush issued their Q1 2018 earnings per share (EPS) estimates for M&T Bank Corporation in a note issued to investors on Wednesday. Wedbush analyst P. Winter forecasts that the bank will post earnings of $2.19 per share for the quarter. Wedbush has a “Neutral” rating and a $150.00 price objective on the stock. Wedbush also issued estimates for M&T Bank Corporation’s Q2 2018 earnings at $2.49 EPS, Q3 2018 earnings at $2.59 EPS and Q4 2018 earnings at $2.67 EPS.
M&T Bank Corporation (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $2.07 EPS.
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A number of other equities analysts have also weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $167.00 target price on shares of M&T Bank Corporation in a research report on Friday. Instinet reaffirmed a “neutral” rating and set a $144.00 target price on shares of M&T Bank Corporation in a research report on Wednesday, July 12th. Jefferies Group LLC raised M&T Bank Corporation from a “hold” rating to a “buy” rating and upped their target price for the stock from $174.00 to $186.00 in a research report on Tuesday, July 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $155.00 target price (up from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. Finally, BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $160.40.
M&T Bank Corporation (NYSE:MTB) opened at 158.11 on Thursday. M&T Bank Corporation has a 52 week low of $111.82 and a 52 week high of $173.72. The company has a market capitalization of $24.33 billion, a PE ratio of 19.35 and a beta of 0.77. The stock’s 50 day moving average is $161.82 and its 200 day moving average is $160.24.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $101,000. QCI Asset Management Inc. NY increased its position in shares of M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the period. Mosaic Family Wealth LLC increased its position in shares of M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the period. Bluestein R H & Co. acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $217,000. Finally, WealthTrust Axiom LLC acquired a new position in shares of M&T Bank Corporation during the first quarter worth about $220,000. Hedge funds and other institutional investors own 79.02% of the company’s stock.
In other M&T Bank Corporation news, insider Brian E. Hickey sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total value of $324,040.00. Following the completion of the transaction, the insider now owns 12,169 shares in the company, valued at approximately $1,971,621.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $162.71, for a total value of $1,123,349.84. Following the completion of the transaction, the insider now owns 39,326 shares of the company’s stock, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. 3.18% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 1st were paid a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $3.00 dividend on an annualized basis and a yield of 1.90%. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 35.09%.
M&T Bank Corporation declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the bank to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
M&T Bank Corporation Company Profile
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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