M&T Bank (NYSE:MTB) Cut to Underperform at Wolfe Research

Wolfe Research downgraded shares of M&T Bank (NYSE:MTB) from a peer perform rating to an underperform rating in a research note released on Tuesday, MarketBeat reports. They currently have $198.00 price target on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a research report on Tuesday, September 1st. Robert W. Baird raised their target price on shares of M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Cantor Fitzgerald reduced their target price on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, October 14th. Royal Bank Of Canada decreased their price target on shares of M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. Finally, Wells Fargo & Company increased their price target on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Eight investment 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. Based on data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average price target of $244.89.

M&T Bank Trading Up 1.8%

NYSE MTB opened at $224.16 on Tuesday. M&T Bank has a 12 month low of $179.75 and a 12 month high of $255.95. The company has a 50-day moving average of $226.59 and a 200-day moving average of $224.98. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $32.37 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.27 and a beta of 0.61.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period last year, the company posted $4.82 EPS. As a group, equities analysts predict that M&T Bank will post 19.48 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio is presently 31.32%.

Insider Activity

In related news, CEO Rene F. Jones sold 19,396 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 103,831 shares in the company, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction dated Friday, August 21st. The shares were 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 $879,554.96. This represents a 14.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,028 shares of company stock valued at $4,794,884 over the last 90 days. Insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently made changes to their positions in MTB. Bank of New York Mellon Corp acquired a new stake in shares of M&T Bank in the 2nd quarter worth about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in M&T Bank by 2.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after purchasing an additional 26,486 shares during the period. Davis Asset Management L.P. acquired a new position in M&T Bank during the 2nd quarter valued at about $97,584,000. Hsbc Holdings PLC grew its position in M&T Bank by 18.9% in the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after purchasing an additional 62,877 shares during the last quarter. Finally, Amundi grew its position in M&T Bank by 7.7% in the 2nd 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 during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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.