M&T Bank (NYSE:MTB) Downgraded to Hold Rating by Truist Financial

Truist Financial downgraded shares of M&T Bank (NYSE:MTB) from a buy rating to a hold rating in a research report report published on Friday morning, MarketBeat reports. Truist Financial currently has $217.00 target price on the financial services provider’s stock.

MTB has been the subject of a number of other research reports. Piper Sandler initiated coverage on M&T Bank in a research report on Monday, October 6th. They set an “overweight” rating and a $225.00 price target for the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. UBS Group lifted their price target on shares of M&T Bank from $207.00 to $208.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. Cantor Fitzgerald started coverage on shares of M&T Bank in a research report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price objective on the stock. Finally, Jefferies Financial Group raised their target price on shares of M&T Bank from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $213.66.

M&T Bank Trading Down 1.0%

NYSE:MTB opened at $203.74 on Friday. The firm has a market capitalization of $31.31 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.98 and a beta of 0.61. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $187.38 and a 200 day moving average of $191.18. M&T Bank has a 52 week low of $150.75 and a 52 week high of $207.29.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. The business had revenue of $1.54 billion for the quarter. M&T Bank had a net margin of 20.91% and a return on equity of 10.62%. On average, research analysts predict that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.00 annualized dividend and a yield of 2.9%. M&T Bank’s dividend payout ratio (DPR) is currently 36.95%.

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,000 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total value of $1,140,360.00. Following the sale, the director directly owned 17,070 shares of the company’s stock, valued at $3,244,324.20. This represents a 26.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher E. Kay sold 5,250 shares of M&T Bank stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total transaction of $1,006,425.00. Following the transaction, the executive vice president directly owned 5,501 shares of the company’s stock, valued at approximately $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A number of hedge funds have recently made changes to their positions in MTB. Wealth Preservation Advisors LLC bought a new position in M&T Bank during the 1st quarter valued at approximately $25,000. WPG Advisers LLC purchased a new stake in shares of M&T Bank in the first quarter worth $25,000. Golden State Wealth Management LLC grew its stake in shares of M&T Bank by 2,214.3% in the second quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 155 shares during the last quarter. Bank of Jackson Hole Trust increased its holdings in shares of M&T Bank by 342.9% during the third quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 120 shares in the last quarter. Finally, Triumph Capital Management purchased a new position in shares of M&T Bank in the 3rd quarter worth about $32,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Company Profile

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.