M&T Bank Corporation’s (NYSE:MTB) “Neutral” Rating Reiterated at Citigroup Inc.

M&T Bank Corporation (NYSE:MTB)‘s stock had its “neutral” rating reiterated by research analysts at Citigroup Inc. in a report released on Monday, October 9th. They presently have a $170.00 price target on the bank’s stock, up from their previous price target of $160.00. Citigroup Inc.’s price target suggests a potential upside of 2.91% from the company’s current price.

Several other equities analysts also recently commented on MTB. BidaskClub raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and upped their price objective for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. ValuEngine raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $168.00 price objective on shares of M&T Bank Corporation in a research note on Friday, August 18th. Finally, Zacks Investment Research raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $168.00 price target for the company in a research note on Tuesday, September 19th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the stock. M&T Bank Corporation presently has an average rating of “Hold” and a consensus target price of $161.00.

Shares of M&T Bank Corporation (NYSE:MTB) opened at 165.20 on Monday. The firm has a market cap of $25.10 billion, a price-to-earnings ratio of 19.34 and a beta of 0.78. The firm has a 50-day moving average price of $156.13 and a 200-day moving average price of $158.01. M&T Bank Corporation has a 12-month low of $118.20 and a 12-month high of $173.72.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, October 18th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.19). M&T Bank Corporation had a net margin of 23.97% and a return on equity of 9.52%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the previous year, the company earned $2.10 earnings per share. Equities research analysts anticipate that M&T Bank Corporation will post $9.11 EPS for the current year.

M&T Bank Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $900.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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In other news, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 1,488 shares in the company, valued at approximately $218,988.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the sale, the vice president now owns 23,091 shares in the company, valued at $3,792,696.75. The disclosure for this sale can be found here. Insiders have sold a total of 11,058 shares of company stock worth $1,799,055 over the last 90 days. Insiders own 3.18% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. bought a new stake in M&T Bank Corporation in the 1st quarter valued at $101,000. Dupont Capital Management Corp bought a new stake in M&T Bank Corporation in the 2nd quarter valued at $140,000. QCI Asset Management Inc. NY increased its holdings in M&T Bank Corporation by 0.3% in the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock valued at $171,000 after acquiring an additional 3 shares during the last quarter. Sun Life Financial INC increased its holdings in M&T Bank Corporation by 8,576.9% in the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock valued at $183,000 after acquiring an additional 1,115 shares during the last quarter. Finally, Mosaic Family Wealth LLC increased its holdings in M&T Bank Corporation by 5.3% in the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock valued at $198,000 after acquiring an additional 62 shares during the last quarter. Institutional investors own 78.35% of the company’s stock.

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.

Analyst Recommendations for M&T Bank Corporation (NYSE:MTB)

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