M&T Bank (NYSE:MTB) Downgraded to Sell Rating by StockNews.com

StockNews.com downgraded shares of M&T Bank (NYSE:MTB) from a hold rating to a sell rating in a report released on Tuesday.

Other equities research analysts have also issued research reports about the stock. DA Davidson upped their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Truist Financial reiterated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Piper Sandler lifted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Finally, Keefe, Bruyette & Woods upped their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Trading Down 0.6 %

Shares of MTB stock opened at $199.86 on Tuesday. M&T Bank has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a 50 day simple moving average of $200.51 and a two-hundred day simple moving average of $185.97. The company has a market cap of $33.16 billion, a P/E ratio of 13.66, a PEG ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the company posted $2.74 earnings per share. Research analysts forecast that M&T Bank will post 16.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.70%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has approved a share buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the transaction, the director now owns 2,108 shares of the company’s stock, valued at $443,143.76. This trade represents a 43.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,487 shares of company stock valued at $8,182,809. 0.82% of the stock is currently owned by insiders.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in MTB. Plato Investment Management Ltd grew its holdings in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in M&T Bank in the 3rd quarter valued at about $32,000. Hexagon Capital Partners LLC grew its stake in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 158 shares during the period. Finally, Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.