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

M&T Bank (NYSE:MTB) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other analysts have also commented on the company. UBS Group set a $235.00 target price on M&T Bank in a report on Thursday, April 16th. Jefferies Financial Group upped their price target on M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Cantor Fitzgerald dropped their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on M&T Bank from $231.50 to $227.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. Finally, The Goldman Sachs Group boosted their target price on M&T Bank from $231.00 to $235.00 and gave the stock a “neutral” rating in a research report on Monday, April 6th. Eight equities research analysts have rated the stock with a Buy rating, twelve 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 an average rating of “Hold” and a consensus target price of $235.32.

M&T Bank Trading Up 0.1%

NYSE:MTB opened at $225.38 on Friday. The stock has a market cap of $33.01 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.10 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company’s 50 day moving average price is $217.24 and its 200-day moving average price is $213.64. M&T Bank has a 52 week low of $174.76 and a 52 week high of $239.00.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same period in the previous year, the business earned $3.32 EPS. On average, equities research analysts forecast that M&T Bank will post 18.81 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a stock buyback program on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On M&T Bank

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in M&T Bank by 3.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock valued at $285,341,000 after purchasing an additional 49,336 shares in the last quarter. Canoe Financial LP increased its position in M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after buying an additional 219,065 shares in the last quarter. Barclays PLC increased its position in M&T Bank by 3.9% in the fourth quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock worth $106,846,000 after buying an additional 20,120 shares in the last quarter. Davis Asset Management L.P. raised its stake in shares of M&T Bank by 23.1% in the fourth quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock worth $80,592,000 after buying an additional 75,000 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of M&T Bank by 35.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock worth $79,954,000 after buying an additional 103,692 shares during the period. 84.68% of the stock is owned by institutional investors.

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.