M&T Bank upgraded to Buy from Neutral at SunTrust SunTrust now believes M&T Bank's (MTB) acquisition of Hudson City Bancorp (HCBK) is likely to close in late 2014 and raised estimates to reflect the benefits of the acquisition. As a result, the firm upgraded shares and raised its price target to $130 from $115.
M&T Bank downgraded at Raymond James As previously reported, Raymond James downgraded M&T Bank (MTB) to Underperform from Market Perform. The firm lowered EPS estimates to reflect more conservative NIM assumptions and the pushout of the Hudson City (HCBK) deal.
Hudson City Bancorp and M&T Bank to extend time to complete merger Hudson City Bancorp (HCBK) and M&T Bank (MTB) announced that they have agreed to extend the date after which either party may elect to terminate the Agreement and Plan of Merger dated August 27, 2012, if the merger has not yet been completed from December 31 to April 30, 2015 pursuant to Amendment No. 3 to the Agreement and Plan of Merger, which has been approved by both the Hudson City and M&T Boards of Directors. The consideration and exchange ratio as provided in the Agreement and Plan of Merger will remain the same.