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

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

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada upped their price target on shares of M&T Bank from $160.00 to $174.00 and gave the company an outperform rating in a report on Friday, July 19th. Morgan Stanley increased their target price on M&T Bank from $195.00 to $220.00 and gave the stock an overweight rating in a report on Monday, August 5th. Jefferies Financial Group boosted their price target on M&T Bank from $160.00 to $161.00 and gave the company a hold rating in a report on Wednesday, July 3rd. Wedbush increased their price objective on M&T Bank from $208.00 to $210.00 and gave the stock an outperform rating in a report on Tuesday. Finally, Piper Sandler boosted their target price on M&T Bank from $164.00 to $190.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of Hold and a consensus price target of $178.35.

M&T Bank Stock Performance

MTB stock opened at $175.38 on Tuesday. M&T Bank has a 1-year low of $108.53 and a 1-year high of $180.63. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market cap of $29.26 billion, a PE ratio of 11.93, a P/E/G ratio of 3.55 and a beta of 0.76. The business’s 50-day moving average price is $168.40 and its two-hundred day moving average price is $154.33.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business posted $5.12 EPS. As a group, research analysts forecast that M&T Bank will post 14.23 earnings per share for the current year.

M&T Bank Announces Dividend

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

Insider Activity

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

Institutional Trading of M&T Bank

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