M&T Bank: Merger Pullback Loser

Guggenheim analyst Marty Mosby also has a neutral rating on M&T, but said "this acquisition should increase MTB's tangible book value per share by approximately 10% while the synergies and portfolio restructuring helps to raise HCBK's returns on [tangible common equity] enough to improve MTB's [return on tangible common equity] by half a percentage point."

Mosby raised his price target for M&T's shares by 15%, to $100, while raising his 2013 EPS estimate by a dime, to $8.00.

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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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