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Shares of M&T Bank of Buffalo closed at $881.87 Thursday, returning 7% year-to-date.
The shares trade for 2.1 times tangible book value, according to HighlineFI, and for 12 times the consensus 2012 EPS estimate of $6.69.
Based on a quarterly payout of 70 cents, the shares have a dividend yield of 3.46%.
The company owes $230 million in federal bailout funds received through the Troubled Assets Relief Program, or TARP, in December 2008, plus an additional $151.5 million in TARP money that was originally provided to Provident Bancshares, which M&T acquired in May 2009.
Usdin says the M&T is "well-positioned to post above-average pre-provision income growth (ex. credit expense relief)," and forecasts a 7% increase in pre-provision net revenue during 2012, to $1.6 billion.
The analyst expects M&T's net interest margin to expand to 3.68% in 2012, from 3.60% last year.
Usdin rates M&T a "Hold," with an $83 price target.
Interested in more on M&T Bank? See TheStreet Ratings' report card for this stock.