M&T Bank (NYSE:MTB) Lowered to “Sell” at Citigroup

M&T Bank (NYSE:MTB) was downgraded by equities researchers at Citigroup from a “neutral” rating to a “sell” rating in a research report issued on Friday, The Fly reports.

A number of other analysts have also commented on MTB. ValuEngine lowered shares of Wolverine World Wide from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Zacks Investment Research lowered shares of First Merchants from a “hold” rating to a “sell” rating in a report on Monday, July 1st. Barclays set a $24.00 target price on shares of Tenet Healthcare and gave the stock a “hold” rating in a report on Wednesday, April 17th. Wedbush lifted their target price on shares of Wintrust Financial from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, April 16th. Finally, UBS Group lifted their target price on shares of Willis Towers Watson from $202.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $178.77.

Shares of M&T Bank stock opened at $173.77 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $23.40 billion, a price-to-earnings ratio of 13.51, a P/E/G ratio of 1.57 and a beta of 1.06. The firm has a 50 day moving average of $167.24. M&T Bank has a fifty-two week low of $133.78 and a fifty-two week high of $180.77.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.05. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. During the same quarter last year, the business posted $2.23 earnings per share. Equities analysts anticipate that M&T Bank will post 14.56 earnings per share for the current fiscal year.

In other news, insider Brian E. Hickey sold 4,000 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total transaction of $674,120.00. Following the transaction, the insider now directly owns 17,819 shares of the company’s stock, valued at $3,003,036.07. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Darren J. King sold 1,841 shares of M&T Bank stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $162.95, for a total transaction of $299,990.95. Following the transaction, the chief financial officer now directly owns 46,263 shares in the company, valued at $7,538,555.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,521 shares of company stock worth $1,594,509. Insiders own 0.54% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Liberty Wealth Management LLC lifted its position in M&T Bank by 972.7% in the 1st quarter. Liberty Wealth Management LLC now owns 236 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 214 shares in the last quarter. Pearl River Capital LLC bought a new stake in M&T Bank in the 1st quarter valued at $42,000. Webster Bank N. A. bought a new stake in M&T Bank in the 2nd quarter valued at $43,000. CX Institutional bought a new stake in M&T Bank in the 1st quarter valued at $47,000. Finally, Legacy Advisors LLC bought a new stake in M&T Bank in the 1st quarter valued at $66,000. 81.52% of the stock is currently owned by institutional investors.

About M&T Bank

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.

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