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M&T Bank’s Target, Estimates Boosted by Two Analysts (MTB)

By Dividend.com,  October 18, 2012, 10:20:42 AM EDT

Regional banker M&T Bank Corporation ( MTB ) on Thursday received some bullish commentary from analysts at two Wall Street firms.

Keefe, Bruyette & Woods maintained its "Market Perform" rating on MTB but lifted its price target to $109, suggesting a 6% upside to the stock's Wednesday closing price of $103.07. The firm also lifted its earnings estimates for the company, citing better mortgage growth and solid cost-tightening initiatives.

Meanwhile, Jefferies & Co. reiterated its "Hold" rating on MTB and boosted its price target to $106. The analyst also raised its earnings estimates, citing rising mortgage revenues.

M&T Bank shares, which have surged more than 35% since the beginning of 2012, posted small gains in Thursday morning trading.

The Bottom Line
Shares of M&T Bank ( MTB ) have a 2.72% dividend yield, based on last night's closing stock price of $103.07. The stock has technical support in the $94-$97 price area. If the shares can firm up, we see overhead resistance around the $107-$109 price levels.

M&T Bank Corporation ( MTB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: MTB



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