M&T Bank (NYSE:MTB) Cut to Neutral at Citigroup

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

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. Royal Bank of Canada lifted their price target on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Morgan Stanley increased their price objective on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. Finally, DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus target price of $206.41.

M&T Bank Stock Up 0.0 %

Shares of NYSE MTB opened at $220.80 on Monday. The stock has a market capitalization of $36.64 billion, a P/E ratio of 16.34, a PEG ratio of 3.13 and a beta of 0.74. M&T Bank has a one year low of $123.46 and a one year high of $225.70. The firm’s 50 day simple moving average is $194.82 and its two-hundred day simple moving average is $171.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

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

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is presently 39.97%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the transaction, the director now owns 29,796 shares of the company’s stock, valued at approximately $5,899,608. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the sale, the executive vice president now directly owns 5,618 shares in the company, valued at approximately $1,095,678.54. This represents a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock worth $17,925,801 over the last ninety days. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On M&T Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Plato Investment Management Ltd increased its position in shares of M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of M&T Bank in the 3rd quarter worth $32,000. Hexagon Capital Partners LLC raised 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 purchasing an additional 68 shares during the last quarter. Oakworth Capital Inc. bought a new position in shares of M&T Bank during the second quarter valued at $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

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.