M&T Bank (NYSE:MTB) Cut to Hold (C+) at Weiss Ratings

Weiss Ratings cut shares of M&T Bank (NYSE:MTB) from a buy (b-) rating to a hold (c+) rating in a report released on Saturday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the company. Piper Sandler started coverage on M&T Bank in a research report on Monday, October 6th. They set an “overweight” rating and a $225.00 price objective on the stock. Citigroup boosted their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Wells Fargo & Company upped their price target on M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Evercore ISI upped their price target on M&T Bank from $222.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, Jefferies Financial Group upped their price target on M&T Bank from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $217.76.

M&T Bank Trading Down 1.3%

Shares of MTB stock opened at $182.88 on Friday. The firm has a market capitalization of $28.58 billion, a P/E ratio of 11.26, a P/E/G ratio of 0.89 and a beta of 0.62. M&T Bank has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock’s fifty day simple moving average is $193.82 and its 200 day simple moving average is $187.38.

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

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio is currently 36.95%.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 15,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director owned 17,866 shares in the company, valued at $3,569,448.14. This represents a 45.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in MTB. Wellington Management Group LLP boosted its position in shares of M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares in the last quarter. Nuveen LLC acquired a new position in M&T Bank during the 1st quarter worth approximately $243,451,000. Invesco Ltd. raised its stake in M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock worth $635,039,000 after buying an additional 468,758 shares during the period. Canoe Financial LP raised its stake in M&T Bank by 24,443.7% during the 2nd quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock worth $57,325,000 after buying an additional 294,302 shares during the period. Finally, Brandywine Global Investment Management LLC raised its stake in M&T Bank by 390.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider’s stock worth $62,474,000 after buying an additional 278,246 shares during the period. Institutional investors own 84.68% of the company’s stock.

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.