M&T Bank (NYSE:MTB) Upgraded at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank (NYSE:MTB) from a hold rating to a buy rating in a report issued on Thursday morning, MarketBeat.com reports. Deutsche Bank Aktiengesellschaft currently has $210.00 price objective on the financial services provider’s stock.

MTB has been the topic of several other reports. JPMorgan Chase & Co. reduced their price objective on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Piper Sandler reduced their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Robert W. Baird cut their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley reduced their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Evercore ISI lowered their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $208.24.

M&T Bank Price Performance

MTB stock opened at $169.28 on Thursday. The business’s fifty day moving average price is $174.48 and its 200 day moving average price is $190.77. M&T Bank has a 12-month low of $139.78 and a 12-month high of $225.70. The company has a market capitalization of $27.81 billion, a PE ratio of 11.57, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company posted $3.09 EPS. On average, sell-side analysts anticipate that M&T Bank will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a share buyback program 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 programs are often an indication that the company’s board of directors 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. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.19%. M&T Bank’s payout ratio is 36.17%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC grew its position in M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after buying an additional 61,375 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock worth $2,476,000 after acquiring an additional 6,205 shares during the period. Franklin Resources Inc. boosted its holdings in shares of M&T Bank by 45.5% in the third quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock valued at $3,986,000 after acquiring an additional 6,717 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of M&T Bank during the third quarter worth about $1,834,000. Finally, Principal Financial Group Inc. raised its holdings in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares in the last quarter. Institutional investors and hedge funds 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.