M&T Bank (NYSE:MTB) Cut to Sell at StockNews.com

StockNews.com lowered shares of M&T Bank (NYSE:MTBGet Rating) from a hold rating to a sell rating in a research note released on Monday.

Several other equities research analysts have also weighed in on MTB. Citigroup assumed coverage on M&T Bank in a research report on Thursday, March 24th. They set a buy rating on the stock. Wells Fargo & Company raised their target price on M&T Bank from $180.00 to $195.00 and gave the stock an equal weight rating in a research report on Thursday, April 21st. Morgan Stanley upgraded M&T Bank from an underweight rating to an overweight rating and raised their price target for the stock from $179.00 to $238.00 in a research note on Thursday, April 21st. JPMorgan Chase & Co. initiated coverage on M&T Bank in a research note on Thursday, April 14th. They set a neutral rating on the stock. Finally, The Goldman Sachs Group raised their price target on M&T Bank from $183.00 to $210.00 and gave the stock a neutral rating in a research note on Monday, April 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank has a consensus rating of Hold and a consensus price target of $192.28.

MTB stock traded up $5.56 during mid-day trading on Monday, reaching $168.29. The company had a trading volume of 1,133,671 shares, compared to its average volume of 1,628,865. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $30.19 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.01 and a beta of 0.87. The firm has a fifty day simple moving average of $169.91 and a 200 day simple moving average of $167.57. M&T Bank has a fifty-two week low of $128.46 and a fifty-two week high of $186.95.

M&T Bank (NYSE:MTBGet Rating) last issued its earnings results on Wednesday, April 20th. The financial services provider reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.24. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same quarter last year, the firm posted $3.41 EPS. As a group, analysts predict that M&T Bank will post 13.06 earnings per share for the current year.

M&T Bank announced that its Board of Directors has approved a share repurchase program on Tuesday, February 22nd that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Tuesday, May 31st. M&T Bank’s dividend payout ratio is 36.67%.

In other news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the transaction, the insider now owns 39,008 shares of the company’s stock, valued at approximately $6,620,047.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of M&T Bank by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,607,431 shares of the financial services provider’s stock valued at $2,475,959,000 after buying an additional 316,266 shares during the period. BlackRock Inc. raised its position in M&T Bank by 8.8% in the 1st quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock valued at $1,914,040,000 after buying an additional 915,914 shares during the last quarter. Wellington Management Group LLP increased its position in shares of M&T Bank by 9.9% during the 1st quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider’s stock valued at $1,459,815,000 after purchasing an additional 777,422 shares during the last quarter. State Street Corp increased its position in shares of M&T Bank by 0.3% during the 4th quarter. State Street Corp now owns 7,481,488 shares of the financial services provider’s stock valued at $1,149,007,000 after purchasing an additional 23,271 shares during the last quarter. Finally, Capital World Investors purchased a new stake in shares of M&T Bank during the 1st quarter valued at $982,517,000. 87.61% of the stock is owned by institutional investors.

About M&T Bank (Get Rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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Analyst Recommendations for M&T Bank (NYSE:MTB)

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