M&T Bank Co. (NYSE:MTB) – Stock analysts at Piper Jaffray Companies dropped their FY2019 earnings per share estimates for M&T Bank in a research report issued to clients and investors on Sunday, October 20th. Piper Jaffray Companies analyst K. Barker now expects that the financial services provider will post earnings per share of $13.60 for the year, down from their prior forecast of $13.77. Piper Jaffray Companies has a “Neutral” rating and a $168.00 price target on the stock. Piper Jaffray Companies also issued estimates for M&T Bank’s Q4 2019 earnings at $3.43 EPS, Q2 2020 earnings at $3.43 EPS, Q4 2020 earnings at $3.61 EPS, FY2020 earnings at $13.36 EPS, Q1 2021 earnings at $3.23 EPS, Q2 2021 earnings at $3.66 EPS and FY2021 earnings at $14.11 EPS.
Several other equities analysts have also commented on the stock. Wedbush lowered their price target on shares of M&T Bank from $166.00 to $163.00 and set a “neutral” rating for the company in a research report on Friday, October 18th. Macquarie set a $158.00 price target on shares of M&T Bank and gave the stock a “sell” rating in a research report on Friday, July 19th. UBS Group lowered their price target on shares of M&T Bank from $164.00 to $161.00 and set a “neutral” rating for the company in a research report on Monday. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 4th. Finally, Barclays lowered their price target on shares of M&T Bank from $206.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $167.83.
M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $3.47 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.12). M&T Bank had a net margin of 28.58% and a return on equity of 13.82%. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the firm earned $3.53 EPS.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $4.00 dividend on an annualized basis and a yield of 2.56%. M&T Bank’s dividend payout ratio is presently 31.10%.
In related news, EVP John L. Dangelo sold 650 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $154.58, for a total value of $100,477.00. Following the completion of the transaction, the executive vice president now owns 3,016 shares in the company, valued at approximately $466,213.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael J. Todaro bought 186 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $144.84 per share, with a total value of $26,940.24. The disclosure for this purchase can be found here. Insiders sold a total of 4,828 shares of company stock valued at $770,668 in the last quarter. 0.54% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Giverny Capital Inc. grew its position in M&T Bank by 7.2% in the 2nd quarter. Giverny Capital Inc. now owns 135,586 shares of the financial services provider’s stock valued at $23,059,000 after buying an additional 9,143 shares in the last quarter. Advisory Services Network LLC lifted its holdings in M&T Bank by 2.3% in the 2nd quarter. Advisory Services Network LLC now owns 4,591 shares of the financial services provider’s stock valued at $781,000 after acquiring an additional 102 shares during the last quarter. USS Investment Management Ltd acquired a new stake in M&T Bank in the 2nd quarter valued at about $10,846,000. NN Investment Partners Holdings N.V. acquired a new stake in M&T Bank in the 2nd quarter valued at about $2,062,000. Finally, Andra AP fonden lifted its holdings in M&T Bank by 139.6% in the 2nd quarter. Andra AP fonden now owns 11,500 shares of the financial services provider’s stock valued at $1,956,000 after acquiring an additional 6,700 shares during the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.
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 banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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