M&T Bank (NYSE:MTB) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of M&T Bank (NYSE:MTB) from a hold rating to a sell rating in a report issued on Tuesday.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Piper Sandler upped their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Evercore ISI raised their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Up 0.9 %

Shares of NYSE:MTB opened at $202.18 on Tuesday. 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 business has a 50 day simple moving average of $199.97 and a two-hundred day simple moving average of $186.38. M&T Bank has a 1 year low of $128.31 and a 1 year high of $225.70. The firm has a market capitalization of $33.55 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 period last year, the business earned $2.74 EPS. On average, equities analysts predict that M&T Bank will post 16.56 EPS for the current year.

M&T Bank announced that its board has authorized a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

Insider Buying and Selling at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 1,590 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the sale, the director now directly 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. In the last quarter, insiders have sold 30,987 shares of company stock worth $6,713,709. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently made changes to their positions in MTB. FMR LLC increased its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its holdings in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares during the period. Finally, Senvest Management LLC lifted its position in shares of M&T Bank by 12.3% during the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after buying an additional 96,500 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

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.