StockNews.com cut shares of M&T Bank (NYSE:MTB - Free Report) from a hold rating to a sell rating in a research note issued to investors on Tuesday.
A number of other research firms have also issued reports on MTB. Royal Bank of Canada lifted their target price on M&T Bank from $190.00 to $208.00 and gave the stock an "outperform" rating in a report on Friday, October 18th. Compass Point lifted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Finally, Citigroup downgraded M&T Bank from a "buy" rating to a "neutral" rating and increased their price objective for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of "Hold" and a consensus price target of $221.68.
Get Our Latest Analysis on M&T Bank
M&T Bank Price Performance
Shares of M&T Bank stock traded down $1.08 on Tuesday, hitting $200.91. The company had a trading volume of 1,691,498 shares, compared to its average volume of 1,253,072. M&T Bank has a 52 week low of $128.31 and a 52 week high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The company has a market cap of $33.33 billion, a PE ratio of 13.73, a PEG ratio of 1.40 and a beta of 0.79. The business has a 50-day simple moving average of $199.28 and a 200-day simple moving average of $186.79.
M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the company posted $2.74 earnings per share. Research analysts expect that M&T Bank will post 16.56 EPS for the current fiscal year.
M&T Bank declared that its board has authorized a share buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.
M&T Bank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Monday, December 2nd. M&T Bank's dividend payout ratio (DPR) is currently 36.91%.
Insider Buying and Selling
In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kirk W. Walters sold 1,590 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the transaction, the director now owns 2,108 shares in the company, valued at approximately $443,143.76. This trade represents a 43.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,987 shares of company stock worth $6,713,709. Corporate insiders own 0.82% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its position in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after purchasing an additional 2,018 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter worth $44,000. Flagship Harbor Advisors LLC boosted its holdings in shares of M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after buying an additional 1,295 shares during the period. Principal Financial Group Inc. grew its stake in M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock valued at $35,466,000 after buying an additional 2,797 shares during the last quarter. Finally, Smead Capital Management Inc. raised its holdings in M&T Bank by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider's stock worth $87,959,000 after acquiring an additional 16,657 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.
M&T Bank Company Profile
(
Get Free Report)
M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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