M&T Bank (NYSE:MTB) Downgraded to “Neutral” Rating by Citigroup

Citigroup downgraded shares of M&T Bank (NYSE:MTB) from a buy rating to a neutral rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have $230.00 target price on the financial services provider’s stock, up from their prior target price of $220.00.

A number of other analysts have also weighed in on MTB. Morgan Stanley upped their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. DA Davidson upped their price target on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Bank of America boosted their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada increased their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $206.41.

M&T Bank Stock Performance

M&T Bank stock opened at $220.80 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $36.64 billion, a PE ratio of 16.34, a P/E/G ratio of 3.13 and a beta of 0.74. The company has a 50 day moving average price of $195.64 and a 200-day moving average price of $171.40. M&T Bank has a fifty-two week low of $123.46 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, equities analysts forecast that M&T Bank will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Insider Activity at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the sale, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,383 shares of company stock worth $17,925,801. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently added to or reduced their stakes in MTB. Capital Performance Advisors LLP purchased a new position in M&T Bank in the 3rd quarter valued at about $44,000. Principal Financial Group Inc. lifted its position in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after acquiring an additional 2,797 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Smead Capital Management Inc. increased its position in shares of M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after purchasing an additional 16,657 shares in the last quarter. Finally, Gateway Investment Advisers LLC raised its stake in M&T Bank by 60.0% in the 2nd quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock valued at $4,964,000 after purchasing an additional 12,304 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Company Profile

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.