M&T Bank (NYSE:MTB) Downgraded to Underweight at Wells Fargo & Company

Wells Fargo & Company cut shares of M&T Bank (NYSE:MTB) from an equal weight rating to an underweight rating in a research note issued to investors on Thursday, Marketbeat reports. They currently have $165.00 price target on the financial services provider’s stock, down from their prior price target of $170.00.

A number of other research firms have also recently commented on MTB. StockNews.com raised M&T Bank from a sell rating to a hold rating in a report on Friday, July 19th. DA Davidson lifted their target price on M&T Bank from $159.00 to $185.00 and gave the stock a neutral rating in a report on Friday, July 19th. Piper Sandler lifted their target price on M&T Bank from $164.00 to $190.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Morgan Stanley lifted their target price on M&T Bank from $195.00 to $220.00 and gave the stock an overweight rating in a report on Monday, August 5th. Finally, Bank of America lifted their target price on M&T Bank from $160.00 to $188.00 and gave the stock a buy rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $173.85.

M&T Bank Price Performance

NYSE MTB opened at $163.09 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The business’s fifty day moving average is $156.73 and its 200 day moving average is $147.72. The company has a market capitalization of $27.21 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77. M&T Bank has a fifty-two week low of $108.53 and a fifty-two week high of $176.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the firm earned $5.12 earnings per share. Sell-side analysts predict that M&T Bank will post 14.24 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is 36.51%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.28, for a total transaction of $989,096.60. Following the completion of the transaction, the insider now owns 47,944 shares in the company, valued at $7,780,352.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the completion of the sale, the insider now owns 47,944 shares of the company’s stock, valued at approximately $7,780,352.32. The disclosure for this sale can be found here. Insiders sold 20,228 shares of company stock worth $3,334,262 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of large investors have recently modified their holdings of MTB. Norges Bank purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $232,322,000. Marshall Wace LLP raised its stake in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after buying an additional 472,997 shares in the last quarter. Smead Capital Management Inc. bought a new position in M&T Bank in the fourth quarter worth approximately $59,418,000. Los Angeles Capital Management LLC raised its stake in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after buying an additional 319,051 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in M&T Bank by 1,155.9% in the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock worth $28,154,000 after buying an additional 189,038 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.