Jefferies Group Comments on M&T Bank Co.’s FY2018 Earnings (MTB)

M&T Bank Co. (NYSE:MTB) – Jefferies Group lifted their FY2018 earnings per share (EPS) estimates for shares of M&T Bank in a research note issued to investors on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $11.60 for the year, up from their previous forecast of $10.00. Jefferies Group currently has a “Buy” rating and a $201.00 target price on the stock. Jefferies Group also issued estimates for M&T Bank’s FY2019 earnings at $12.40 EPS.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.19). The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. M&T Bank had a net margin of 23.97% and a return on equity of 9.52%. During the same period in the previous year, the firm posted $2.10 earnings per share.

Several other research analysts have also recently weighed in on MTB. Barclays upped their target price on shares of M&T Bank from $175.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. ValuEngine upgraded shares of M&T Bank from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Sanford C. Bernstein reiterated a “market perform” rating and set a $165.00 target price (down previously from $171.00) on shares of M&T Bank in a research report on Saturday, September 16th. Nomura upped their target price on shares of M&T Bank from $144.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. Finally, Wells Fargo & Co set a $180.00 target price on shares of M&T Bank and gave the company a “hold” rating in a research report on Wednesday, December 20th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $170.78.

Shares of M&T Bank (MTB) traded up $1.24 on Wednesday, hitting $177.99. The stock had a trading volume of 342,002 shares, compared to its average volume of 494,938. The firm has a market cap of $26,790.00, a P/E ratio of 20.51, a P/E/G ratio of 1.85 and a beta of 0.84. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.57. M&T Bank has a fifty-two week low of $141.12 and a fifty-two week high of $178.42.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Thursday, November 30th. M&T Bank’s payout ratio is presently 34.56%.

In other news, VP Michele D. Trolli sold 9,730 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $167.89, for a total transaction of $1,633,569.70. Following the completion of the transaction, the vice president now directly owns 24,708 shares in the company, valued at approximately $4,148,226.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gary N. Geisel sold 1,046 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $170.49, for a total transaction of $178,332.54. Following the transaction, the director now owns 17,586 shares of the company’s stock, valued at $2,998,237.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 156,000 shares of company stock valued at $12,650 and have sold 32,128 shares valued at $5,474,208. Corporate insiders own 3.18% of the company’s stock.

Large investors have recently modified their holdings of the stock. BB&T Corp raised its holdings in M&T Bank by 7.2% in the 3rd quarter. BB&T Corp now owns 29,244 shares of the financial services provider’s stock valued at $4,710,000 after acquiring an additional 1,952 shares during the period. Toronto Dominion Bank raised its holdings in M&T Bank by 9.4% in the 3rd quarter. Toronto Dominion Bank now owns 57,543 shares of the financial services provider’s stock valued at $9,266,000 after acquiring an additional 4,958 shares during the period. California Public Employees Retirement System raised its holdings in M&T Bank by 5.6% in the 3rd quarter. California Public Employees Retirement System now owns 418,997 shares of the financial services provider’s stock valued at $67,475,000 after acquiring an additional 22,223 shares during the period. Huntington National Bank raised its holdings in M&T Bank by 3.3% in the 3rd quarter. Huntington National Bank now owns 97,191 shares of the financial services provider’s stock valued at $15,652,000 after acquiring an additional 3,098 shares during the period. Finally, Achmea Investment Management B.V. raised its holdings in M&T Bank by 266.9% in the 3rd quarter. Achmea Investment Management B.V. now owns 12,719 shares of the financial services provider’s stock valued at $2,046,000 after acquiring an additional 9,252 shares during the period. Institutional investors and hedge funds own 77.73% of the company’s stock.

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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.

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