M&T Bank Corp. (NYSE:MTB)‘s stock had its “neutral” rating restated by Zacks in a report released on Wednesday, AmericanBankingNews.com reports. They currently have a $120.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 5.15% from the company’s current price.
Zacks‘ analyst wrote, “M&T Bank’s third-quarter 2013 operating earnings beat the Zacks Consensus Estimate, despite recording a decline from earnings in the prior-year quarter. Higher revenues on the back of increased net interest and non-interest income and improved capital ratios were the positives for the quarter, partially offset by higher provision for credit losses. Further, elevated expenses depicted undisciplined expense management. We believe the company, with a solid business model and strategic acquisitions, is well poised for future growth. While the sluggish economic recovery, regulatory issues and low interest rate environment remain headwinds, growth in core deposits will benefit it in the long run. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group cut their price target on shares of M&T Bank Corp. from $118.00 to $113.00 in a research note to investors on Friday, October 18th. They now have a “hold” rating on the stock. Separately, analysts at Macquarie downgraded shares of M&T Bank Corp. from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, October 18th. Finally, analysts at FBR Capital Markets cut their price target on shares of M&T Bank Corp. from $130.00 to $125.00 in a research note to investors on Friday, October 18th. They now have a “market perform” rating on the stock. Fifteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. M&T Bank Corp. currently has an average rating of “Hold” and an average target price of $121.47.
Shares of M&T Bank Corp. (NYSE:MTB) traded down 0.40% on Wednesday, hitting $113.66. The stock had a trading volume of 195,665 shares. M&T Bank Corp. has a one year low of $95.68 and a one year high of $119.54. The stock’s 50-day moving average is $113.5 and its 200-day moving average is $112.6. The company has a market cap of $14.803 billion and a price-to-earnings ratio of 12.96.
M&T Bank Corp. (NYSE:MTB) last released its earnings data on Thursday, October 17th. The company reported $2.11 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.08 by $0.03. During the same quarter in the prior year, the company posted $2.17 earnings per share. Analysts expect that M&T Bank Corp. will post $8.58 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Wednesday, November 27th.
M&T Bank Corporation (NYSE:MTB) is a bank holding company.
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