Truist Financial Downgrades M&T Bank (NYSE:MTB) to Hold

M&T Bank (NYSE:MTB) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued to investors on Friday. They presently have a $217.00 target price on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 5.57% from the stock’s previous close.

MTB has been the topic of a number of other reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of M&T Bank in a research report on Monday. TD Cowen boosted their target price on M&T Bank from $235.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Piper Sandler assumed coverage on M&T Bank in a research report on Monday, October 6th. They set an “overweight” rating and a $225.00 target price on the stock. Cowen reissued a “buy” rating on shares of M&T Bank in a report on Monday, October 20th. Finally, Jefferies Financial Group boosted their price target on M&T Bank from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Moderate Buy” and an average price target of $213.66.

M&T Bank Price Performance

Shares of MTB stock opened at $205.55 on Friday. The stock’s 50-day moving average is $187.20 and its 200 day moving average is $191.02. M&T Bank has a 1-year low of $150.75 and a 1-year high of $207.29. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $31.59 billion, a P/E ratio of 12.66, a PEG ratio of 0.97 and a beta of 0.61.

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

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,000 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $190.06, for a total value of $1,140,360.00. Following the sale, the director owned 17,070 shares in the company, valued at $3,244,324.20. This represents a 26.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher E. Kay sold 5,250 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the sale, the executive vice president directly owned 5,501 shares in the company, valued at approximately $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several hedge funds have recently bought and sold shares of MTB. Sunbelt Securities Inc. increased its holdings in shares of M&T Bank by 13.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,619 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 188 shares in the last quarter. Danske Bank A S acquired a new stake in M&T Bank during the third quarter valued at $29,612,000. NewEdge Advisors LLC increased its holdings in M&T Bank by 3.6% in the third quarter. NewEdge Advisors LLC now owns 15,566 shares of the financial services provider’s stock valued at $3,076,000 after buying an additional 547 shares in the last quarter. McCollum Christoferson Group LLC raised its position in shares of M&T Bank by 41.0% in the third quarter. McCollum Christoferson Group LLC now owns 32,986 shares of the financial services provider’s stock worth $6,519,000 after acquiring an additional 9,590 shares during the period. Finally, Triumph Capital Management purchased a new stake in shares of M&T Bank during the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About M&T Bank

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.