M&T Bank (NYSE:MTB) Downgraded by Citigroup to “Neutral”

Citigroup lowered shares of M&T Bank (NYSE:MTB) from a buy rating to a neutral rating in a research report released on Monday, MarketBeat Ratings reports. They currently have $230.00 price objective on the financial services provider’s stock, up from their prior price objective of $220.00.

Other equities analysts have also issued reports about the company. Evercore ISI boosted their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays boosted their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson boosted their price target on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group upped their price objective on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $201.71.

M&T Bank Trading Up 0.4 %

M&T Bank stock opened at $221.96 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The business’s 50-day simple moving average is $192.95 and its 200-day simple moving average is $170.23. The firm has a market capitalization of $36.83 billion, a PE ratio of 16.43, a PEG ratio of 3.11 and a beta of 0.74. M&T Bank has a 52 week low of $123.46 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. Equities research analysts forecast that M&T Bank will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is currently 39.97%.

Insiders Place Their Bets

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the transaction, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several hedge funds have recently bought and sold shares of MTB. FMR LLC lifted its position in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp raised its position in M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of M&T Bank by 4.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after buying an additional 81,004 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.