M&T Bank (NYSE:MTB) Upgraded at StockNews.com

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

Several other brokerages have also weighed in on MTB. JPMorgan Chase & Co. dropped their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Piper Sandler decreased their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Barclays decreased their price target on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 15th. Truist Financial decreased their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, Morgan Stanley decreased their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $208.24.

M&T Bank Stock Performance

Shares of MTB stock opened at $185.39 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank has a fifty-two week low of $139.78 and a fifty-two week high of $225.70. The stock’s 50-day moving average is $170.63 and its two-hundred day moving average is $189.45. The firm has a market cap of $29.76 billion, a P/E ratio of 12.67, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company earned $3.09 earnings per share. Analysts predict that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 2.91%. M&T Bank’s payout ratio is 36.17%.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A number of hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC lifted its position in shares of M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after acquiring an additional 52 shares during the period. Quadrant Capital Group LLC lifted its position in shares of M&T Bank by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock worth $183,000 after acquiring an additional 53 shares during the period. Catalina Capital Group LLC lifted its position in shares of M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares during the period. Marcum Wealth LLC lifted its position in shares of M&T Bank by 4.9% in the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 57 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 60 shares during the period. Institutional investors own 84.68% of the company’s stock.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.