M&T Bank (NYSE:MTB) Stock Rating Lowered by Citigroup

Citigroup lowered 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 reports. They currently have $230.00 price objective on the financial services provider’s stock, up from their prior price objective of $220.00.

Several other equities analysts have also weighed in on the stock. DA Davidson boosted their target price on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Company upped their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Royal Bank of Canada increased their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Morgan Stanley lifted their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $206.41.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $220.80 on Monday. The business’s 50 day moving average price is $195.64 and its 200 day moving average price is $171.40. The company has a market cap of $36.64 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 3.13 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank has a one year low of $123.46 and a one year 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 (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, research analysts predict that M&T Bank will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Insider Transactions at M&T Bank

In related news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the sale, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. The trade was a 15.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the company’s 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 owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MTB. FMR LLC increased its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp increased its stake in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after buying an additional 527,854 shares during the period. Marshall Wace LLP raised its position in M&T Bank by 232.1% during the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after buying an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of M&T Bank in the third quarter valued at about $44,422,000. 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.