M&T Bank Corporation (MTB) Stock Rating Reaffirmed by Citigroup Inc.

Citigroup Inc. restated their neutral rating on shares of M&T Bank Corporation (NYSE:MTB) in a research note issued to investors on Monday. They currently have a $170.00 price objective on the bank’s stock, up from their prior price objective of $160.00.

Several other equities research analysts have also weighed in on MTB. BidaskClub raised M&T Bank Corporation from a sell rating to a hold rating in a research report on Thursday, June 15th. Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Corporation and gave the stock a hold rating in a research report on Monday, June 19th. Instinet cut their target price on M&T Bank Corporation from $148.00 to $144.00 and set a neutral rating on the stock in a research report on Friday, June 30th. Zacks Investment Research lowered M&T Bank Corporation from a buy rating to a hold rating in a research report on Tuesday, July 4th. Finally, Morgan Stanley reissued an equal weight rating and set a $155.00 target price (up previously from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. Five analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $160.21.

M&T Bank Corporation (NYSE:MTB) last issued its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company earned $2.07 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis.

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The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.75 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 35.09%.

M&T Bank Corporation announced that its board has approved a share 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 purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In other M&T Bank Corporation news, insider Sabeth Siddique sold 950 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was 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 $218,988.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $164.25, for a total value 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. Over the last quarter, insiders have sold 11,058 shares of company stock worth $1,799,055. 3.18% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Achmea Investment Management B.V. purchased a new stake in M&T Bank Corporation during the second quarter worth $559,000. Toronto Dominion Bank boosted its position in M&T Bank Corporation by 24.7% during the second quarter. Toronto Dominion Bank now owns 52,585 shares of the bank’s stock worth $8,515,000 after purchasing an additional 10,432 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in M&T Bank Corporation by 9.8% during the second quarter. Public Employees Retirement System of Ohio now owns 63,579 shares of the bank’s stock worth $10,297,000 after purchasing an additional 5,673 shares in the last quarter. Sterling Capital Management LLC purchased a new stake in M&T Bank Corporation during the second quarter worth $2,684,000. Finally, Nomura Holdings Inc. boosted its position in M&T Bank Corporation by 208.1% during the second quarter. Nomura Holdings Inc. now owns 11,900 shares of the bank’s stock worth $1,927,000 after purchasing an additional 8,038 shares in 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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