M&T Bank (NYSE:MTB) Stock Rating Upgraded by Wolfe Research

M&T Bank (NYSE:MTB) was upgraded by analysts at Wolfe Research to a “strong sell” rating in a report issued on Monday, Zacks reports.

Several other equities research analysts also recently issued reports on the stock. Cantor Fitzgerald lowered their price objective on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $242.00 to $250.00 and gave the stock a “market perform” rating in a research report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research note on Tuesday, September 1st. Barclays increased their price target on shares of M&T Bank from $236.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Finally, DA Davidson reduced their price target on shares of M&T Bank from $262.00 to $258.00 and set a “neutral” rating for the company in a report on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $244.89.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $221.37 on Monday. The business has a 50 day moving average price of $227.63 and a 200 day moving average price of $224.89. M&T Bank has a twelve month low of $179.32 and a twelve month high of $255.95.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, topping the consensus estimate of $4.93 by $0.15. The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same period in the prior year, the firm earned $4.82 earnings per share. Research analysts forecast that M&T Bank will post 19.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares in the company, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the transaction, the director directly owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 20,028 shares of company stock valued at $4,794,884 in the last quarter. Corporate insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently bought and sold shares of MTB. Eastern Bank raised its position in shares of M&T Bank by 259.2% in the 3rd quarter. Eastern Bank now owns 24,456 shares of the financial services provider’s stock valued at $5,322,000 after acquiring an additional 17,647 shares during the period. Danske Bank A S acquired a new stake in M&T Bank in the second quarter worth $34,683,000. Envestnet Asset Management Inc. raised its holdings in M&T Bank by 3.6% in the second quarter. Envestnet Asset Management Inc. now owns 318,844 shares of the financial services provider’s stock worth $75,888,000 after purchasing an additional 11,169 shares during the period. Susquehanna Fundamental Investments LLC boosted its position in shares of M&T Bank by 205.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider’s stock worth $26,313,000 after purchasing an additional 74,353 shares in the last quarter. Finally, Amundi boosted its position in shares of M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after purchasing an additional 27,795 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.