M&T Bank (NYSE:MTB) Cut to “Sell” at StockNews.com

M&T Bank (NYSE:MTB – Get Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

MTB has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their price target on M&T Bank from $180.00 to $200.00 in a report on Friday, March 25th. Wells Fargo & Company boosted their price target on M&T Bank from $180.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday, April 21st. Citigroup started coverage on M&T Bank in a research report on Thursday, March 24th. They issued a “buy” rating for the company. JPMorgan Chase & Co. initiated coverage on M&T Bank in a research report on Thursday, April 14th. They issued a “neutral” rating for the company. Finally, Piper Sandler boosted their price target on M&T Bank from $200.00 to $210.00 in a research note on Wednesday, April 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $192.28.

Shares of NYSE MTB traded up $5.56 during mid-day trading on Monday, reaching $168.29. 1,133,671 shares of the company’s stock were exchanged, compared to its average volume of 1,628,865. The company’s 50-day moving average is $169.91 and its 200-day moving average is $167.57. M&T Bank has a 52-week low of $128.46 and a 52-week high of $186.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $30.19 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.01 and a beta of 0.87.

M&T Bank (NYSE:MTB – Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.24. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same quarter in the prior year, the firm posted $3.41 EPS. As a group, equities analysts predict that M&T Bank will post 13.06 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 22nd that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now owns 39,008 shares of the company’s stock, valued at $6,620,047.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.73% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Yousif Capital Management LLC purchased a new position in M&T Bank in the 4th quarter worth approximately $3,343,000. First Republic Investment Management Inc. grew its stake in M&T Bank by 27.0% in the 3rd quarter. First Republic Investment Management Inc. now owns 15,612 shares of the financial services provider’s stock worth $2,332,000 after buying an additional 3,323 shares in the last quarter. UMB Bank N A MO purchased a new position in M&T Bank in the 4th quarter worth approximately $49,000. Desjardins Global Asset Management Inc. purchased a new position in M&T Bank in the 4th quarter worth approximately $1,831,000. Finally, Hartford Investment Management Co. grew its stake in M&T Bank by 8.0% in the 4th quarter. Hartford Investment Management Co. now owns 12,919 shares of the financial services provider’s stock worth $1,984,000 after buying an additional 956 shares in the last quarter. 87.61% of the stock is owned by institutional investors and hedge funds.

About M&T Bank (Get Rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company’s Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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