M&T Bank (NYSE:MTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Shares of M&T Bank have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. M&T Bank’s top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposits and loan growth amid an improving economy. Also, the bank’s involvement in steady capital deployment activities boosts shareholders’ confidence. Further, its focus on expansion through inorganic growth opportunities bode well for the long term. However, consistently rising expenses due to ongoing investments remains a concern. Also, significant exposure to commercial real estate loans acts as a headwind.”
MTB has been the subject of a number of other research reports. Jefferies Group reiterated a “buy” rating and set a $201.00 price objective on shares of M&T Bank in a report on Monday, January 8th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of M&T Bank in a report on Tuesday, February 6th. Wedbush reiterated a “neutral” rating and set a $186.00 price objective (up previously from $180.00) on shares of M&T Bank in a report on Tuesday, February 6th. Vining Sparks reiterated a “buy” rating and set a $200.00 price objective on shares of M&T Bank in a report on Monday, January 8th. Finally, UBS Group upgraded shares of M&T Bank from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $150.00 to $173.00 in a report on Tuesday, December 12th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $176.41.
M&T Bank (NYSE MTB) opened at $195.34 on Wednesday. M&T Bank has a 52 week low of $141.12 and a 52 week high of $197.37. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.54. The company has a market cap of $29,096.77, a PE ratio of 22.48, a P/E/G ratio of 1.24 and a beta of 0.88.
M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.26. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $1.98 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. analysts predict that M&T Bank will post 12.2 earnings per share for the current year.
M&T Bank announced that its board has approved a stock repurchase plan on Monday, February 5th that allows the company to repurchase $745.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, VP Michael R. Spychala sold 13,417 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $170.92, for a total value of $2,293,233.64. Following the completion of the sale, the vice president now owns 51,622 shares in the company, valued at approximately $8,823,232.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert J. Bojdak sold 1,062 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $195.17, for a total transaction of $207,270.54. Following the completion of the sale, the insider now owns 22,071 shares of the company’s stock, valued at approximately $4,307,597.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,489 shares of company stock valued at $17,069,254. Company insiders own 3.18% of the company’s stock.
Large investors have recently bought and sold shares of the company. Nationwide Fund Advisors raised its stake in shares of M&T Bank by 1.5% during the 3rd quarter. Nationwide Fund Advisors now owns 122,080 shares of the financial services provider’s stock worth $19,660,000 after acquiring an additional 1,803 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of M&T Bank during the 3rd quarter worth approximately $1,848,000. Wedbush Securities Inc. bought a new position in shares of M&T Bank during the 3rd quarter worth approximately $206,000. Oregon Public Employees Retirement Fund raised its stake in shares of M&T Bank by 1.2% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 40,476 shares of the financial services provider’s stock worth $6,518,000 after acquiring an additional 482 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of M&T Bank by 88.2% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 126,191 shares of the financial services provider’s stock worth $20,322,000 after acquiring an additional 59,149 shares in the last quarter. Institutional investors and hedge funds own 77.10% of the company’s stock.
M&T Bank 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.
Get a free copy of the Zacks research report on M&T Bank (MTB)
For more information about research offerings from Zacks Investment Research, visit Zacks.com