Zacks Investment Research lowered shares of M&T Bank Corporation (NYSE:MTB) from a buy rating to a hold rating in a research note issued to investors on Monday.

According to Zacks, “Shares of M&T Bank have underperformed the industry over the past six months. Yet, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. M&T Bank’s top-line growth looks encouraging given its diverse fee income base, and consistent rise in deposits and loan growth amid an improving economy. Also, following the Fed interest rate hikes, the pressure on company’s margin has eased. Though, mounting costs resulting from ongoing investments remain a hindrance for bottom-line growth, M&T Bank’s involvement in steady capital deployment activities boosts shareholders’ confidence. Moreover, a stretched valuation limits upside potential.”

Other equities research analysts have also recently issued reports about the company. ValuEngine upgraded M&T Bank Corporation from a hold rating to a buy rating in a report on Saturday, August 12th. BidaskClub upgraded M&T Bank Corporation from a hold rating to a buy rating in a report on Thursday, July 6th. Jefferies Group LLC upgraded M&T Bank Corporation from a hold rating to a buy rating and upped their target price for the stock from $174.00 to $186.00 in a report on Tuesday, July 11th. Royal Bank Of Canada reiterated a buy rating and issued a $168.00 target price on shares of M&T Bank Corporation in a report on Friday, August 18th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $155.00 target price (up from $152.00) on shares of M&T Bank Corporation in a report on Friday, July 7th. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $160.21.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the business earned $2.07 EPS. M&T Bank Corporation’s revenue was up 6.6% compared to the same quarter last year.

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The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Wednesday, August 30th. M&T Bank Corporation’s payout ratio is 35.09%.

M&T Bank Corporation declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

In other news, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $164.25, for a total value of $1,463,139.00. Following the completion of the transaction, the vice president now directly owns 23,091 shares of the company’s stock, valued at approximately $3,792,696.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sabeth Siddique sold 950 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $147.17, for a total value of $139,811.50. Following the completion of the transaction, the insider now directly owns 1,488 shares of the company’s stock, valued at $218,988.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,058 shares of company stock valued at $1,799,055. Corporate insiders own 3.18% of the company’s stock.

A number of large investors have recently made changes to their positions in MTB. Victory Capital Management Inc. increased its position in M&T Bank Corporation by 7.3% during the 1st quarter. Victory Capital Management Inc. now owns 11,114 shares of the bank’s stock valued at $1,720,000 after buying an additional 759 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in M&T Bank Corporation during the 1st quarter valued at about $295,000. Teachers Advisors LLC increased its position in M&T Bank Corporation by 0.9% during the 1st quarter. Teachers Advisors LLC now owns 479,968 shares of the bank’s stock valued at $74,265,000 after buying an additional 4,335 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in M&T Bank Corporation by 18.3% during the 1st quarter. TIAA CREF Investment Management LLC now owns 553,414 shares of the bank’s stock valued at $85,630,000 after buying an additional 85,541 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in M&T Bank Corporation by 4.3% during the 1st quarter. California Public Employees Retirement System now owns 393,774 shares of the bank’s stock valued at $60,929,000 after buying an additional 16,300 shares in the last quarter. 78.35% of the stock is currently owned by institutional investors.

M&T Bank Corporation Company Profile

M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.

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Analyst Recommendations for M&T Bank Corporation (NYSE:MTB)

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