M&T Bank (NYSE:MTB) Shares Gap Down - Here's What Happened

M&T Bank Co. (NYSE:MTB - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $200.87, but opened at $195.71. M&T Bank shares last traded at $196.32, with a volume of 228,169 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MTB shares. DA Davidson upped their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a report on Friday. Wolfe Research raised M&T Bank from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research note on Friday, October 4th. Citigroup cut M&T Bank from a "buy" rating to a "neutral" rating and lifted their target price for the company from $220.00 to $230.00 in a research report on Monday, November 25th. The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Finally, Bank of America upped their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $217.92.

M&T Bank Stock Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The company's 50 day moving average price is $202.66 and its 200-day moving average price is $183.16. The company has a market cap of $32.67 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. During the same period last year, the firm earned $2.74 EPS. Equities research analysts anticipate that M&T Bank Co. will post 14.58 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank's dividend payout ratio (DPR) is presently 39.97%.

Insider Transactions at M&T Bank

In other news, EVP John R. Taylor sold 1,436 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the transaction, the executive vice president now directly owns 5,618 shares of the company's stock, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company's stock, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,994 shares of company stock worth $17,211,278 over the last quarter. Corporate insiders own 0.82% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC raised its position in shares of M&T Bank by 9.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 84,473 shares of the financial services provider's stock worth $15,882,000 after buying an additional 7,035 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of M&T Bank by 5.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 70,741 shares of the financial services provider's stock valued at $13,300,000 after purchasing an additional 3,404 shares in the last quarter. Atomi Financial Group Inc. grew its position in shares of M&T Bank by 52.6% in the 4th quarter. Atomi Financial Group Inc. now owns 2,158 shares of the financial services provider's stock worth $406,000 after buying an additional 744 shares during the period. Ballentine Partners LLC boosted its stake in M&T Bank by 23.0% during the fourth quarter. Ballentine Partners LLC now owns 2,130 shares of the financial services provider's stock worth $400,000 after acquiring an additional 398 shares in the last quarter. Finally, Culbertson A N & Co. Inc. boosted its position in shares of M&T Bank by 11.2% in the 4th quarter. Culbertson A N & Co. Inc. now owns 14,758 shares of the financial services provider's stock worth $2,775,000 after purchasing an additional 1,490 shares in the last quarter. Institutional investors 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.