M&T Bank (NYSE:MTB) Stock Rating Lowered by Wall Street Zen

M&T Bank (NYSE:MTB) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday.

Other analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Argus boosted their price objective on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Wells Fargo & Company upped their target price on shares of M&T Bank from $205.00 to $215.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Royal Bank Of Canada lifted their price target on M&T Bank from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, June 23rd. Finally, Morgan Stanley boosted their price target on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $240.55.

M&T Bank Stock Up 1.8%

Shares of NYSE:MTB traded up $4.30 during midday trading on Friday, reaching $242.24. The company had a trading volume of 1,392,716 shares, compared to its average volume of 1,031,294. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The business’s 50 day moving average price is $222.81 and its 200 day moving average price is $217.54. The stock has a market cap of $35.48 billion, a PE ratio of 13.56, a P/E/G ratio of 1.20 and a beta of 0.57. M&T Bank has a 1-year low of $174.76 and a 1-year high of $243.57.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the prior year, the business posted $3.32 EPS. Research analysts forecast that M&T Bank will post 18.81 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several institutional investors and hedge funds have recently modified their holdings of MTB. Empowered Funds LLC grew its position in shares of M&T Bank by 11.9% during the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after purchasing an additional 362 shares in the last quarter. Woodline Partners LP boosted its stake in shares of M&T Bank by 40.7% in the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock valued at $2,506,000 after buying an additional 4,054 shares during the period. Lazard Asset Management LLC boosted its stake in shares of M&T Bank by 24.6% in the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $562,000 after buying an additional 572 shares during the period. MUFG Securities EMEA plc bought a new position in M&T Bank during the 2nd quarter worth $92,000. Finally, Geneos Wealth Management Inc. increased its stake in M&T Bank by 4.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 71 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 is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.