M&T Bank (NYSE:MTB) Upgraded to Hold at StockNews.com

M&T Bank (NYSE:MTB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

MTB has been the topic of several other reports. Robert W. Baird reduced their target price on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Piper Sandler decreased their price objective on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Barclays dropped their target price on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 15th. Citigroup reduced their price target on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, DA Davidson lowered their price objective on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $209.33.

M&T Bank Price Performance

M&T Bank stock opened at $187.06 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $30.03 billion, a P/E ratio of 12.79, a PEG ratio of 1.38 and a beta of 0.58. The business has a 50-day moving average of $170.90 and a 200-day moving average of $189.38. M&T Bank has a 1 year low of $139.78 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the company posted $3.09 EPS. On average, equities analysts anticipate that M&T Bank will post 16.57 EPS for the current year.

M&T Bank declared that its board has approved a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after acquiring an additional 2,460,315 shares in the last quarter. FMR LLC boosted its holdings in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Norges Bank bought a new stake in M&T Bank in the 4th quarter valued at about $317,690,000. Nuveen LLC acquired a new position in shares of M&T Bank during the 1st quarter worth approximately $243,451,000. Finally, GAMMA Investing LLC increased its holdings in shares of M&T Bank by 18,471.2% during the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider’s stock worth $126,145,000 after purchasing an additional 701,905 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.