M&T Bank (NYSE:MTB) Stock Rating Upgraded by Wolfe Research

M&T Bank (NYSE:MTB) was upgraded by research analysts at Wolfe Research to a “strong sell” rating in a research report issued on Monday, Zacks reports.

A number of other research firms have also recently issued reports on MTB. Evercore set a $230.00 price objective on M&T Bank in a research report on Thursday, October 1st. Keefe, Bruyette & Woods upped their target price on M&T Bank from $242.00 to $250.00 and gave the stock a “market perform” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price on the stock. in a research report on Thursday, July 23rd. Raymond James Financial assumed coverage on M&T Bank in a research note on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price target for the company. Finally, Truist Financial reduced their price target on M&T Bank from $250.00 to $235.00 and set a “hold” rating for the company in a report on Tuesday, October 20th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $244.89.

M&T Bank Trading Down 0.2%

MTB stock opened at $221.37 on Monday. M&T Bank has a 12-month low of $179.32 and a 12-month high of $255.95. The company has a 50 day moving average of $227.63 and a two-hundred day moving average of $224.89.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.93 by $0.15. The company had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period last year, the business earned $4.82 EPS. Equities research analysts expect that M&T Bank will post 19.48 EPS for the current fiscal year.

Insider Transactions at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rene F. Jones sold 19,396 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This trade represents a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,028 shares of company stock valued at $4,794,884 in the last ninety days. Insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTB. Wedmont Private Capital lifted its stake in shares of M&T Bank by 1.0% in the second quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider’s stock worth $1,067,000 after buying an additional 45 shares during the last quarter. CX Institutional grew its stake in M&T Bank by 3.4% in the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock valued at $393,000 after buying an additional 54 shares during the last quarter. Cidel Asset Management Inc. raised its holdings in M&T Bank by 5.4% in the 2nd quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 61 shares during the period. Hudock Inc. raised its holdings in M&T Bank by 0.4% in the 3rd quarter. Hudock Inc. now owns 13,891 shares of the financial services provider’s stock worth $3,023,000 after acquiring an additional 62 shares during the period. Finally, Taylor Securities Services Inc. raised its holdings in M&T Bank by 1.7% in the 3rd quarter. Taylor Securities Services Inc. now owns 4,200 shares of the financial services provider’s stock worth $914,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.