Zacks Investment Research Downgrades M&T Bank Corporation (NYSE:MTB) to Hold

Zacks Investment Research downgraded shares of M&T Bank Corporation (NYSE:MTB) from a buy rating to a hold rating in a report published on Monday, October 9th.

According to Zacks, “Shares of M&T Bank have underperformed the industry over the past six months. Yet, the company has a decent 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, following the Fed interest rate hikes, the pressure on company’s margin has eased. Though, mounting costs resulting from ongoing investments remain a hindrance for bottom-line growth, M&T Bank’s involvement in steady capital deployment activities boosts shareholders’ confidence. Moreover, a stretched valuation limits upside potential.”

MTB has been the topic of a number of other reports. Sanford C. Bernstein reaffirmed a market perform rating and issued a $165.00 target price (down from $171.00) on shares of M&T Bank Corporation in a report on Saturday, September 16th. Robert W. Baird reissued a sell rating and issued a $130.00 price target on shares of M&T Bank Corporation in a report on Friday, October 6th. BidaskClub cut shares of M&T Bank Corporation from a hold rating to a sell rating in a report on Monday, July 31st. Morgan Stanley reissued an equal weight rating and issued a $155.00 price target (up from $152.00) on shares of M&T Bank Corporation in a report on Friday, July 7th. Finally, Nomura raised their target price on shares of M&T Bank Corporation from $144.00 to $145.00 and gave the stock a neutral rating in a report on Thursday, September 28th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $160.21.

M&T Bank Corporation (MTB) traded down 2.05% on Monday, hitting $160.77. The stock had a trading volume of 500,562 shares. M&T Bank Corporation has a 12-month low of $113.42 and a 12-month high of $173.72. The company has a market cap of $24.43 billion, a price-to-earnings ratio of 18.82 and a beta of 0.78. The company’s 50 day moving average price is $154.34 and its 200-day moving average price is $157.76.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings data on Wednesday, October 18th. The bank reported $2.21 EPS for the quarter, missing the Zacks’ consensus estimate of $2.40 by ($0.19). M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. During the same quarter last year, the company earned $2.10 EPS. Equities research analysts anticipate that M&T Bank Corporation will post $9.28 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.83%. The ex-dividend date was Wednesday, August 30th. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 35.09%.

M&T Bank Corporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In other news, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the sale, the vice president now owns 23,091 shares of the company’s stock, valued at $3,792,696.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sabeth Siddique sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total transaction of $139,811.50. Following the completion of the sale, the insider now directly owns 1,488 shares in the company, valued at approximately $218,988.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,058 shares of company stock worth $1,799,055. Corporate insiders own 3.18% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. bought a new stake in M&T Bank Corporation during the 1st quarter worth approximately $101,000. Dupont Capital Management Corp bought a new stake in M&T Bank Corporation during the 2nd quarter worth approximately $140,000. QCI Asset Management Inc. NY increased its holdings in M&T Bank Corporation by 0.3% during the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock worth $171,000 after acquiring an additional 3 shares during the period. Sun Life Financial INC increased its holdings in M&T Bank Corporation by 8,576.9% during the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after acquiring an additional 1,115 shares during the period. Finally, Mosaic Family Wealth LLC increased its holdings in M&T Bank Corporation by 5.3% during the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after acquiring an additional 62 shares during the period. 78.35% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank Corporation

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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