M&T Bank (NYSE:MTB) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of M&T Bank (NYSE:MTB) from a sell rating to a hold rating in a report released on Monday.

A number of other research analysts have also recently issued reports on MTB. The Goldman Sachs Group lifted their price objective on shares of M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, April 6th. Cantor Fitzgerald upped their target price on M&T Bank from $253.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Barclays raised their target price on M&T Bank from $236.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Argus lifted their price target on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, UBS Group boosted their price target on M&T Bank from $225.00 to $252.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $249.50.

M&T Bank Price Performance

MTB stock opened at $249.64 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.89 and a debt-to-equity ratio of 0.53. M&T Bank has a 12 month low of $174.76 and a 12 month high of $255.00. The firm has a market cap of $36.56 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.19 and a beta of 0.57. The company’s 50-day moving average price is $226.81 and its two-hundred day moving average price is $219.38.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the company earned $4.28 EPS. On average, analysts anticipate that M&T Bank will post 19.2 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated 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 purchase up to 16.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the transaction, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Commonwealth Retirement Investments LLC increased its holdings in M&T Bank by 0.4% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock worth $2,214,000 after acquiring an additional 44 shares during the period. Wedbush Securities Inc. boosted its holdings in M&T Bank by 2.4% in the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock valued at $448,000 after purchasing an additional 52 shares during the period. CX Institutional grew its position in shares of M&T Bank by 3.4% during the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 54 shares in the last quarter. Bank of Jackson Hole Trust increased its holdings in shares of M&T Bank by 38.7% in the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. Finally, Thoroughbred Financial Services LLC raised its position in shares of M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock worth $698,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Company Profile

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.