Goldman Sachs Group upgraded shares of M&T Bank (NYSE:MTB) from a neutral rating to a buy rating in a report published on Wednesday morning, Marketbeat.com reports.
Several other analysts have also commented on the company. Zacks Investment Research lowered M&T Bank from a buy rating to a hold rating in a report on Friday, September 21st. Morgan Stanley cut their price objective on M&T Bank from $195.00 to $190.00 and set an equal weight rating for the company in a report on Tuesday, September 18th. Keefe, Bruyette & Woods raised M&T Bank from a market perform rating to an outperform rating and set a $120.00 price objective for the company in a report on Monday, September 3rd. Wedbush lifted their price objective on M&T Bank from $190.00 to $197.00 and gave the stock a neutral rating in a report on Thursday, July 19th. Finally, ValuEngine raised M&T Bank from a sell rating to a hold rating in a report on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $176.57.
Shares of MTB traded down $0.21 during trading hours on Wednesday, hitting $167.18. The stock had a trading volume of 8,859 shares, compared to its average volume of 809,527. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.06 and a quick ratio of 1.06. M&T Bank has a 12 month low of $155.77 and a 12 month high of $197.37. The firm has a market capitalization of $24.24 billion, a P/E ratio of 17.84, a PEG ratio of 0.91 and a beta of 0.92.
M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $3.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.17 by $0.09. M&T Bank had a return on equity of 11.80% and a net margin of 24.57%. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the company posted $2.35 earnings per share. analysts expect that M&T Bank will post 12.84 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Tuesday, September 4th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Friday, August 31st. This is a positive change from M&T Bank’s previous quarterly dividend of $0.80. M&T Bank’s payout ratio is currently 42.78%.
In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total transaction of $4,531,569.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.48% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Private Capital Group LLC grew its holdings in M&T Bank by 728.4% during the first quarter. Private Capital Group LLC now owns 613 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 539 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of M&T Bank by 8,330.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 843 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 833 shares during the period. Cerebellum GP LLC bought a new position in shares of M&T Bank in the second quarter worth about $171,000. Fisher Asset Management LLC bought a new position in shares of M&T Bank in the first quarter worth about $204,000. Finally, Westover Capital Advisors LLC bought a new position in shares of M&T Bank in the first quarter worth about $208,000. 81.19% of the stock is owned by institutional investors and hedge funds.
About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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