M&T Bank (NYSE:MTB) Stock Rating Lowered by Wall Street Zen

M&T Bank (NYSE:MTB) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on MTB. Morgan Stanley reduced their price target on M&T Bank from $301.00 to $294.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. DA Davidson lowered their price objective on M&T Bank from $262.00 to $258.00 and set a “neutral” rating on the stock in a research report on Monday, October 19th. TD Cowen began coverage on shares of M&T Bank in a report on Thursday, October 8th. They issued a “hold” rating and a $245.00 price target on the stock. Evercore set a $230.00 price target on M&T Bank in a research note on Thursday, October 1st. Finally, Citigroup lifted their price target on shares of M&T Bank from $225.00 to $230.00 and gave the company a “neutral” rating in a research report on Wednesday, October 21st. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $244.89.

M&T Bank Trading Down 0.7%

NYSE MTB opened at $218.16 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average price of $224.35 and a 200-day moving average price of $225.29. M&T Bank has a 52 week low of $179.75 and a 52 week high of $255.95. The company has a market cap of $31.51 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 1.30 and a beta of 0.64.

M&T Bank (NYSE:MTB) last posted its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.53 billion. During the same quarter in the previous year, the firm earned $4.82 EPS. As a group, equities analysts expect that M&T Bank will post 19.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO René Jones sold 19,396 shares of M&T Bank stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares of the company’s stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank during the second quarter worth about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after buying an additional 26,486 shares during the period. Aberdeen Group plc increased its holdings in M&T Bank by 332.1% during the 3rd quarter. Aberdeen Group plc now owns 523,220 shares of the financial services provider’s stock worth $113,853,000 after purchasing an additional 402,126 shares during the last quarter. Davis Asset Management L.P. bought a new stake in M&T Bank during the second quarter valued at $97,584,000. Finally, Hsbc Holdings PLC lifted its position in M&T Bank by 18.9% in the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after purchasing an additional 62,877 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.