M&T Bank Co. (NYSE:MTB) – Piper Jaffray lifted their Q1 2018 EPS estimates for shares of M&T Bank in a research note issued on Friday, April 6th. Piper Jaffray analyst K. Barker now forecasts that the financial services provider will post earnings of $2.68 per share for the quarter, up from their prior estimate of $2.66. Piper Jaffray has a “Neutral” rating on the stock. Piper Jaffray also issued estimates for M&T Bank’s Q2 2018 earnings at $3.06 EPS, Q3 2018 earnings at $3.17 EPS, Q4 2018 earnings at $3.21 EPS, FY2018 earnings at $12.13 EPS, Q1 2019 earnings at $2.91 EPS, Q2 2019 earnings at $3.28 EPS, Q3 2019 earnings at $3.32 EPS, Q4 2019 earnings at $3.38 EPS and FY2019 earnings at $12.89 EPS.
M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.26. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. M&T Bank had a return on equity of 10.12% and a net margin of 23.40%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.98 earnings per share.
Several other research analysts have also commented on MTB. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $201.00 price target for the company in a research report on Tuesday, April 3rd. Morgan Stanley restated an “equal weight” rating and set a $180.00 price target on shares of M&T Bank in a research report on Thursday, December 14th. Wedbush restated a “neutral” rating and set a $186.00 price target (up from $180.00) on shares of M&T Bank in a research report on Tuesday, February 6th. Vining Sparks restated a “buy” rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, January 8th. Finally, Keefe, Bruyette & Woods restated a “hold” rating on shares of M&T Bank in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $175.47.
MTB stock opened at $182.84 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.54. The firm has a market cap of $27,285.64, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.15 and a beta of 0.90. M&T Bank has a 52-week low of $141.12 and a 52-week high of $197.37.
Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its holdings in M&T Bank by 9.8% in the fourth quarter. Victory Capital Management Inc. now owns 18,045 shares of the financial services provider’s stock valued at $3,086,000 after purchasing an additional 1,612 shares during the period. Millennium Management LLC boosted its holdings in M&T Bank by 1,688.7% in the fourth quarter. Millennium Management LLC now owns 1,025,822 shares of the financial services provider’s stock valued at $175,405,000 after purchasing an additional 968,471 shares during the period. Ontario Teachers Pension Plan Board boosted its holdings in M&T Bank by 3.5% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 52,337 shares of the financial services provider’s stock valued at $8,949,000 after purchasing an additional 1,746 shares during the period. AMP Capital Investors Ltd boosted its holdings in M&T Bank by 14.5% in the fourth quarter. AMP Capital Investors Ltd now owns 90,662 shares of the financial services provider’s stock valued at $15,501,000 after purchasing an additional 11,481 shares during the period. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in M&T Bank in the fourth quarter valued at $35,154,000. Hedge funds and other institutional investors own 77.62% of the company’s stock.
In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction on Monday, March 12th. The stock was sold at an average price of $194.85, for a total value of $194,850.00. Following the completion of the transaction, the director now directly owns 52,197 shares in the company, valued at $10,170,585.45. 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 M&T Bank stock in a transaction on Monday, February 26th. The shares were sold at an average price of $195.17, for a total value of $207,270.54. Following the completion of the transaction, the insider now owns 22,071 shares of the company’s stock, valued at $4,307,597.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,091 shares of company stock valued at $13,594,655. 0.48% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Monday, March 5th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $3.00 dividend on an annualized basis and a yield of 1.64%. M&T Bank’s dividend payout ratio (DPR) is presently 32.09%.
M&T Bank announced that its Board of Directors has initiated a share buyback program on Monday, February 5th that allows the company to buyback $745.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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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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