M&T Bank (NYSE:MTB) Coverage Initiated by Analysts at Wolfe Research

Analysts at Wolfe Research assumed coverage on shares of M&T Bank (NYSE:MTB) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set an “underperform” rating and a $198.00 price target on the financial services provider’s stock. Wolfe Research‘s price objective indicates a potential downside of 10.81% from the stock’s previous close.

Other analysts also recently issued reports about the company. Robert W. Baird increased their price target on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Royal Bank Of Canada dropped their price objective on M&T Bank from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, October 19th. Evercore set a $230.00 price objective on M&T Bank in a research note on Thursday, October 1st. Wells Fargo & Company upped their target price on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price for the company. in a research note on Thursday, July 23rd. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus price target of $244.89.

M&T Bank Trading Up 0.1%

NYSE MTB opened at $221.99 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. M&T Bank has a twelve month low of $179.32 and a twelve month high of $255.95. The company has a market cap of $32.06 billion, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 1.28 and a beta of 0.61. The business’s fifty day moving average is $228.90 and its 200 day moving average is $224.77.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. During the same period in the prior year, the company posted $4.82 EPS. As a group, sell-side analysts expect that M&T Bank will post 19.48 EPS for the current fiscal year.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Rudina Seseri sold 623 shares of M&T Bank 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 sale, the director owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Rene F. Jones sold 19,396 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,028 shares of company stock valued at $4,794,884 over the last ninety days. 0.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTB. Bank of New York Mellon Corp bought a new position in M&T Bank in the 2nd quarter worth about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of M&T Bank by 2.6% during the second 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 buying an additional 26,486 shares during the period. Davis Asset Management L.P. bought a new stake in shares of M&T Bank during the second quarter valued at about $97,584,000. Hsbc Holdings PLC increased its position in shares of M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after buying an additional 62,877 shares during the period. Finally, Amundi increased its position in shares of M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after buying an additional 27,795 shares during the period. 84.68% of the stock is currently owned by institutional investors.

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.