Wall Street Zen Upgrades M&T Bank (NYSE:MTB) to “Hold”

M&T Bank (NYSE:MTB) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Monday.

Other equities analysts have also recently issued reports about the stock. Jefferies Financial Group reissued a “buy” rating and issued a $300.00 price objective on shares of M&T Bank in a research note on Wednesday, July 15th. Royal Bank Of Canada raised their target price on shares of M&T Bank from $230.00 to $255.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. UBS Group lifted their target price on shares of M&T Bank from $225.00 to $252.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Robert W. Baird increased their price target on shares of M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $251.50.

M&T Bank Trading Down 0.4%

Shares of MTB stock opened at $248.44 on Monday. The business’s 50 day moving average is $227.60 and its two-hundred day moving average is $219.71. M&T Bank has a twelve month low of $174.76 and a twelve month high of $255.00. The company has a market capitalization of $36.38 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The company has a current ratio of 0.89, a quick ratio of 0.94 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. Equities analysts forecast that M&T Bank will post 19.33 EPS for the current year.

M&T Bank announced that its board has approved a share repurchase plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in M&T Bank by 3.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock valued at $285,341,000 after buying an additional 49,336 shares in the last quarter. Canoe Financial LP boosted its stake in shares of M&T Bank by 50.5% during the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after acquiring an additional 219,065 shares in the last quarter. Barclays PLC grew its holdings in shares of M&T Bank by 3.9% in the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock worth $106,846,000 after acquiring an additional 20,120 shares during the period. Davis Asset Management L.P. grew its holdings in shares of M&T Bank by 23.1% in the 4th quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock worth $80,592,000 after acquiring an additional 75,000 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after purchasing an additional 103,692 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.