M&T Bank (NYSE:MTB) Stock Rating Lowered by Wall Street Zen

M&T Bank (NYSE:MTB) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday.

MTB has been the topic of a number of other reports. DA Davidson lifted their price objective on shares of M&T Bank from $233.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Evercore set a $260.00 target price on M&T Bank in a research note on Monday, July 6th. Wells Fargo & Company lifted their price target on M&T Bank from $205.00 to $215.00 and gave the company an “underweight” rating in a research note on Monday, July 6th. UBS Group boosted their price target on M&T Bank from $225.00 to $252.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Argus upped their price objective on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $240.55.

M&T Bank Price Performance

M&T Bank stock traded up $4.30 during trading hours on Friday, reaching $242.24. 1,392,716 shares of the stock were exchanged, compared to its average volume of 1,031,294. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a twelve month low of $174.76 and a twelve month high of $243.57. The company has a market cap of $35.48 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.20 and a beta of 0.57. The stock has a 50 day moving average of $222.81 and a two-hundred day moving average of $217.54.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the company earned $3.32 EPS. Equities analysts expect that M&T Bank will post 18.81 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a share buyback plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently bought and sold shares of MTB. Canoe Financial LP increased its position in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after buying an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in M&T Bank in the fourth quarter worth approximately $42,817,000. Danske Bank A S acquired a new stake in M&T Bank in the third quarter valued at approximately $29,612,000. Russell Investments Group Ltd. grew its stake in M&T Bank by 35.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after acquiring an additional 103,692 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich increased its holdings in shares of M&T Bank by 37.1% during the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock valued at $71,462,000 after acquiring an additional 95,025 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.