Citigroup downgraded shares of M&T Bank (NYSE:MTB) from a neutral rating to a sell rating in a research report released on Friday, BenzingaRatingsTable reports. The brokerage currently has $163.00 price objective on the financial services provider’s stock, down from their previous price objective of $172.00.
Several other equities analysts also recently commented on the stock. Wedbush increased their price objective on shares of Wintrust Financial from $79.00 to $80.00 and gave the company an outperform rating in a research note on Tuesday, April 16th. ValuEngine downgraded shares of Wolverine World Wide from a hold rating to a sell rating in a research note on Monday, May 20th. Zacks Investment Research downgraded shares of First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. JPMorgan Chase & Co. reissued a buy rating on shares of Gilead Sciences in a research note on Tuesday, July 2nd. Finally, Barclays set a $24.00 price target on shares of Tenet Healthcare and gave the company a hold rating in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $176.67.
Shares of NYSE:MTB opened at $174.07 on Friday. The company has a market cap of $23.78 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.84 and a beta of 1.06. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.06 and a current ratio of 1.06. The company has a 50 day moving average of $167.45. M&T Bank has a one year low of $133.78 and a one year high of $180.77.
M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.30 by $0.05. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. During the same quarter in the prior year, the firm earned $2.23 EPS. As a group, equities analysts predict that M&T Bank will post 14.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, May 31st. M&T Bank’s payout ratio is currently 31.10%.
In other news, insider Doris P. Meister sold 460 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $160.29, for a total transaction of $73,733.40. Following the completion of the transaction, the insider now owns 1,553 shares of the company’s stock, valued at $248,930.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian E. Hickey sold 4,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total transaction of $674,120.00. Following the transaction, the insider now directly owns 17,819 shares of the company’s stock, valued at approximately $3,003,036.07. The disclosure for this sale can be found here. Insiders have sold 9,521 shares of company stock valued at $1,594,509 in the last ninety days. Insiders own 0.54% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MTB. Liberty Wealth Management LLC raised its stake in M&T Bank by 972.7% during the first quarter. Liberty Wealth Management LLC now owns 236 shares of the financial services provider’s stock worth $37,000 after buying an additional 214 shares during the last quarter. Webster Bank N. A. bought a new position in M&T Bank during the second quarter worth $43,000. Pearl River Capital LLC bought a new position in M&T Bank during the first quarter worth $42,000. CX Institutional bought a new position in M&T Bank during the first quarter worth $47,000. Finally, Legacy Advisors LLC bought a new position in M&T Bank during the first quarter worth $66,000. 81.52% of the stock is owned by hedge funds and other institutional investors.
M&T Bank Company Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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