Todays Report: The Wedbush Begins Coverage on M&T Bank Corp. (MTB)

The Wedbush Begins Coverage on M&T Bank Corp. (MTB)

Wedbush began coverage on shares of M&T Bank Corp. (NYSE:MTB) in a research note published on Thursday. The firm issued a neutral rating and a $117.00 price target on the stock.

Several other brokerages also recently commented on MTB. JPMorgan Chase & Co. increased their target price on M&T Bank Corp. from $120.00 to $123.00 and gave the company a neutral rating in a research note on Thursday, July 7th. Nomura downgraded M&T Bank Corp. to a hold rating in a research note on Saturday, July 9th. Zacks Investment Research upgraded M&T Bank Corp. from a sell rating to a hold rating in a research note on Tuesday, September 20th. Wells Fargo & Co. reiterated a hold rating on shares of M&T Bank Corp. in a research note on Saturday, July 9th. Finally, Deutsche Bank AG reiterated a hold rating on shares of M&T Bank Corp. in a research note on Wednesday, June 15th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $137.48.

Shares of M&T Bank Corp. (NYSE:MTB) opened at 116.06 on Thursday. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39. The company’s 50 day moving average price is $116.59 and its 200-day moving average price is $116.04. The company has a market capitalization of $18.19 billion, a price-to-earnings ratio of 15.96 and a beta of 0.75.

M&T Bank Corp. (NYSE:MTB) last issued its earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities analysts forecast that M&T Bank Corp. will post $7.96 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 1st were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $2.80 dividend on an annualized basis and a yield of 2.41%. M&T Bank Corp.’s dividend payout ratio is presently 38.41%.

In other M&T Bank Corp. news, CEO Robert G. Wilmers sold 39,637 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $118.38, for a total transaction of $4,692,228.06. Following the sale, the chief executive officer now directly owns 2,490,996 shares of the company’s stock, valued at $294,884,106.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert J. Bojdak sold 1,152 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $117.37, for a total value of $135,210.24. Following the sale, the insider now directly owns 21,430 shares in the company, valued at $2,515,239.10. The disclosure for this sale can be found here. Company insiders own 3.63% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Euclid Advisors LLC purchased a new stake in shares of M&T Bank Corp. during the second quarter valued at about $128,000. NEXT Financial Group Inc boosted its stake in shares of M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock valued at $129,000 after buying an additional 293 shares during the period. Investment Counselors of Maryland LLC boosted its stake in shares of M&T Bank Corp. by 3.5% in the second quarter. Investment Counselors of Maryland LLC now owns 1,484 shares of the company’s stock valued at $175,000 after buying an additional 50 shares during the period. Global X Management Co. LLC boosted its stake in shares of M&T Bank Corp. by 99.3% in the second quarter. Global X Management Co. LLC now owns 1,694 shares of the company’s stock valued at $200,000 after buying an additional 844 shares during the period. Finally, Burney Co. purchased a new stake in shares of M&T Bank Corp. during the second quarter valued at about $203,000. 78.77% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Corp. Company Profile

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