M&T Bank (NYSE:MTB) Downgraded to “Sell” Rating by StockNews.com

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

Several other research firms have also recently weighed in on MTB. Royal Bank of Canada increased their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods lifted their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Evercore ISI lifted their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Bank of America increased their price target on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Performance

NYSE MTB opened at $199.86 on Tuesday. M&T Bank has a 52-week low of $128.31 and a 52-week high of $225.70. The stock has a market cap of $33.16 billion, a PE ratio of 13.66, a P/E/G ratio of 1.37 and a beta of 0.79. The firm has a 50-day moving average of $200.51 and a 200-day moving average of $185.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the firm earned $2.74 earnings per share. On average, sell-side analysts anticipate that M&T Bank will post 16.56 EPS for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is 36.91%.

M&T Bank declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at $7,715,126. This represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,487 shares of company stock valued at $8,182,809. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

Hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd raised its position in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank during the third quarter worth about $32,000. Hexagon Capital Partners LLC lifted its stake in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the last quarter. Finally, Y.D. More Investments Ltd increased its position in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 114 shares during the period. 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.