Citigroup (NYSE:C) raided five bankers from Wilmington Trust Corp (NYSE:WL) before the completion of the acquisition of Wilmington by M&T Bank (NYSE:MTB).
Paul Hubert, Citi Private Bank's eastern regional head noted, "This is an important region for us and the collective experience and success of these talented private banking professionals will be instrumental in expanding our franchise throughout Pennsylvania and Delaware."
M&T Bank spokesman C. Michael Zabel responded, saying, "We understand that it's been a long and difficult road for Wilmington Trust employees, and while we're disappointed, we're not surprised to lose a few along the way."
"At M&T, we see a tremendous future for the Wilmington Trust business lines once the deal is closed and we look forward to working with the Wilmington Trust team to build that future together."
The new hires will work with high-end clients, privately held business owners in Pennsylvania and Delaware, foundations and endowments, according to Citigroup.
Citigroup closed Wednesday at $4.45.
Showing posts with label M and T. Show all posts
Showing posts with label M and T. Show all posts
Thursday, March 31, 2011
Thursday, January 20, 2011
M&T Bank (NYSE:MTB) Upside Limited on Credit, Top-Line Pressures, Says UBS (NYSE:UBS)
Even though UBS (NYSE:UBS) sees M&T Bank (NYSE:MTB) continuing to outperform their competitive peers, they still believe their upside is limited because of top-line pressures and credit issues.
UBS says, "Although we believe MTB will outperform peers, credit & top-line pressures and will likely limit upside potential. We have increased our ‘11E (to $6.65 from $6.60), and ‘12E (to $7.70 from $.7.31) due to better, but still sluggish, loan growth prospects."
UBS maintains a "Neutral" rating on M&T Bank (MTB), which closed Wednesday at $86.49, gaining $0.29, or 0.34 percent. UBS boosted their price target on M&T from $83 to $84.
UBS says, "Although we believe MTB will outperform peers, credit & top-line pressures and will likely limit upside potential. We have increased our ‘11E (to $6.65 from $6.60), and ‘12E (to $7.70 from $.7.31) due to better, but still sluggish, loan growth prospects."
UBS maintains a "Neutral" rating on M&T Bank (MTB), which closed Wednesday at $86.49, gaining $0.29, or 0.34 percent. UBS boosted their price target on M&T from $83 to $84.
Wednesday, January 19, 2011
M&T Bank (NYSE:MTB) Valuation High Says FBR
M&T Bank (NYSE:MTB) continues to be a solid bank, and have probably been slightly penalized by investors who have been used to having stronger returns, even after a decent quarter by the bank.
FBR says, "We consider it a strong quarter (Q4), particularly as the benefits of loan growth, lower expenses, and favorable credit trends will carry forward into future periods. We were somewhat surprised that the shares' reaction was not more favorable, and can only conclude that investors have become accustomed to even larger earnings upside from MTB. We raise our respective 2011 and 2012 operating EPS estimates to $6.25 (from $6.10) and $7.30 (from $7.05). M&T is a high-quality bank with strong capital generation and growing pre-provision earnings, but current valuation keeps us on the sidelines."
FBR Capital maintains a "Market Perform" rating on M&T Bank (MTB), which closed Tuesday at $86.20, losing $0.18, or 0.21 percent. FBR raised their price target on M&T from $88 to $90.
FBR says, "We consider it a strong quarter (Q4), particularly as the benefits of loan growth, lower expenses, and favorable credit trends will carry forward into future periods. We were somewhat surprised that the shares' reaction was not more favorable, and can only conclude that investors have become accustomed to even larger earnings upside from MTB. We raise our respective 2011 and 2012 operating EPS estimates to $6.25 (from $6.10) and $7.30 (from $7.05). M&T is a high-quality bank with strong capital generation and growing pre-provision earnings, but current valuation keeps us on the sidelines."
FBR Capital maintains a "Market Perform" rating on M&T Bank (MTB), which closed Tuesday at $86.20, losing $0.18, or 0.21 percent. FBR raised their price target on M&T from $88 to $90.
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