M&T Bank Corporation (NYSE:MTB) – Jefferies Group dropped their Q3 2017 earnings estimates for M&T Bank Corporation in a report released on Monday. Jefferies Group analyst K. Usdin now expects that the bank will earn $2.46 per share for the quarter, down from their previous estimate of $2.48. Jefferies Group currently has a “Buy” rating and a $186.00 target price on the stock. Jefferies Group also issued estimates for M&T Bank Corporation’s FY2017 earnings at $9.41 EPS, FY2018 earnings at $10.05 EPS and FY2019 earnings at $10.80 EPS.
M&T Bank Corporation (NYSE:MTB) last announced its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.08. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $2.07 earnings per share. WARNING: This article was originally posted by Community Financial News and is the sole property of of Community Financial News. If you are accessing this article on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark laws. The correct version of this article can be viewed at https://www.com-unik.info/2017/10/12/jefferies-group-weighs-in-on-mt-bank-corporations-q3-2017-earnings-mtb.html.
Several other research analysts have also recently issued reports on the company. BidaskClub raised M&T Bank Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Macquarie cut M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. Instinet decreased their target price on M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $165.00 price target (down previously from $171.00) on shares of M&T Bank Corporation in a research report on Saturday, September 16th. Finally, Nomura increased their price target on M&T Bank Corporation from $144.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. 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. The stock has an average rating of “Hold” and an average price target of $160.21.
M&T Bank Corporation (NYSE MTB) opened at 163.15 on Tuesday. The company has a 50-day moving average of $153.75 and a 200-day moving average of $157.62. M&T Bank Corporation has a 52-week low of $112.25 and a 52-week high of $173.72. The stock has a market capitalization of $24.79 billion, a price-to-earnings ratio of 19.10 and a beta of 0.78.
M&T Bank Corporation announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $900.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Wednesday, August 30th. M&T Bank Corporation’s dividend payout ratio (DPR) is currently 35.09%.
In other M&T Bank Corporation news, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $147.17, for a total value of $139,811.50. Following the sale, the insider now owns 1,488 shares of the company’s stock, valued at approximately $218,988.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert J. Bojdak sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the completion of the sale, the insider now directly owns 20,217 shares in the company, valued at approximately $3,303,862.14. The disclosure for this sale can be found here. Insiders sold a total of 11,058 shares of company stock worth $1,799,055 in the last ninety days. Insiders own 3.18% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. acquired a new stake in M&T Bank Corporation in the 1st quarter valued at approximately $101,000. Dupont Capital Management Corp acquired a new stake in M&T Bank Corporation in the 2nd quarter valued at approximately $140,000. QCI Asset Management Inc. NY grew 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 buying an additional 3 shares during the last quarter. Sun Life Financial INC grew 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 buying an additional 1,115 shares during the last quarter. Finally, Mosaic Family Wealth LLC grew 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 buying an additional 62 shares during the last quarter. 78.35% of the stock is currently owned by hedge funds and other institutional investors.
M&T Bank Corporation 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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