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

StockNews.com cut shares of M&T Bank (NYSE:MTB) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

A number of other analysts have also recently issued reports on MTB. Jefferies Financial Group boosted their target price on M&T Bank from $160.00 to $161.00 and gave the stock a hold rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. upgraded shares of M&T Bank from a neutral rating to an overweight rating and boosted their price objective for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Piper Sandler raised their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Bank of America lifted their target price on shares of M&T Bank from $160.00 to $188.00 and gave the company a buy rating in a report on Monday, July 22nd. Finally, Royal Bank of Canada raised their price objective on M&T Bank from $160.00 to $174.00 and gave the company an outperform rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $178.35.

M&T Bank Stock Performance

NYSE:MTB opened at $175.27 on Tuesday. M&T Bank has a fifty-two week low of $108.53 and a fifty-two week high of $180.63. The firm’s 50 day moving average is $168.25 and its two-hundred day moving average is $154.19. The company has a market cap of $29.24 billion, a P/E ratio of 11.85, a P/E/G ratio of 3.55 and a beta of 0.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter last year, the firm earned $5.12 earnings per share. Analysts expect that M&T Bank will post 14.23 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MTB. General Partner Inc. bought a new position in M&T Bank during the first quarter worth $27,000. Fidelis Capital Partners LLC bought a new position in shares of M&T Bank in the 1st quarter worth about $30,000. Oakworth Capital Inc. acquired a new position in shares of M&T Bank in the 2nd quarter valued at about $35,000. Versant Capital Management Inc grew its position in shares of M&T Bank by 82.7% during the 2nd quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after buying an additional 201 shares during the last quarter. Finally, Bank & Trust Co acquired a new stake in M&T Bank during the second quarter worth about $70,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.