M&T Bank (NYSE:MTB) Rating Lowered to “Neutral” at Citigroup

M&T Bank (NYSE:MTB) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a report released on Monday, Marketbeat reports. They currently have a $230.00 price target on the financial services provider’s stock, up from their previous price target of $220.00. Citigroup’s target price points to a potential upside of 4.18% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Morgan Stanley boosted 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. Wedbush raised their price target on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $203.29.

M&T Bank Stock Down 0.5 %

NYSE:MTB opened at $220.77 on Monday. M&T Bank has a twelve month low of $123.46 and a twelve month high of $225.70. The firm has a market capitalization of $36.63 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average price is $193.89 and its two-hundred day moving average price is $170.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Equities research analysts expect that M&T Bank will post 14.56 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several large investors have recently modified their holdings of MTB. Capital Performance Advisors LLP bought a new stake in shares of M&T Bank in the 3rd quarter valued at $44,000. Principal Financial Group Inc. increased its position in M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after buying an additional 18,566 shares during the period. Gateway Investment Advisers LLC boosted its holdings in M&T Bank by 60.0% in the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after acquiring an additional 12,304 shares in the last quarter. Finally, Smead Capital Management Inc. grew its stake in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after acquiring an additional 16,657 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.