M&T Bank (NYSE:MTB) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of M&T Bank (NYSE:MTB) from a sell rating to a hold rating in a report published on Thursday morning.

Several other brokerages have also recently issued reports on MTB. Barclays increased their target price on shares of M&T Bank from $150.00 to $170.00 and gave the stock an equal weight rating in a report on Tuesday, January 2nd. Royal Bank of Canada reiterated an outperform rating and set a $160.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $162.00 to $170.00 and gave the company a market perform rating in a report on Tuesday, April 16th. Piper Sandler lowered their price target on shares of M&T Bank from $156.00 to $152.00 and set an overweight rating on the stock in a report on Friday, January 19th. Finally, Evercore ISI raised their price target on shares of M&T Bank from $146.00 to $157.00 and gave the company an in-line rating in a report on Thursday, March 28th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $158.48.

M&T Bank Stock Down 0.4 %

Shares of M&T Bank stock opened at $146.38 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. M&T Bank has a 1 year low of $108.53 and a 1 year high of $148.93. The firm’s 50-day moving average is $141.00 and its two-hundred day moving average is $133.82. The stock has a market cap of $24.39 billion, a price-to-earnings ratio of 9.90, a PEG ratio of 1.22 and a beta of 0.80.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the company earned $4.09 earnings per share. As a group, research analysts expect that M&T Bank will post 13.92 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is currently 35.16%.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The disclosure for this sale can be found here. Insiders sold 37,119 shares of company stock valued at $5,341,012 in the last three months. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently bought and sold shares of MTB. Norges Bank purchased a new position in M&T Bank during the 4th quarter worth approximately $232,322,000. Invesco Ltd. increased its holdings in shares of M&T Bank by 15.5% during the 3rd quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock valued at $612,138,000 after purchasing an additional 650,796 shares in the last quarter. Smead Capital Management Inc. purchased a new position in shares of M&T Bank during the 4th quarter valued at approximately $59,418,000. LSV Asset Management increased its holdings in shares of M&T Bank by 63.5% during the 3rd quarter. LSV Asset Management now owns 1,108,552 shares of the financial services provider’s stock valued at $140,176,000 after purchasing an additional 430,356 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of M&T Bank by 29.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock valued at $218,308,000 after purchasing an additional 393,116 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

About M&T Bank

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.