M&T Bank (NYSE:MTB) Upgraded by StockNews.com to “Hold”

M&T Bank (NYSE:MTBGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

MTB has been the subject of several other reports. Morgan Stanley raised shares of M&T Bank from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $179.00 to $238.00 in a research report on Thursday, April 21st. Wedbush boosted their target price on shares of M&T Bank from $187.00 to $212.00 in a research report on Thursday, April 21st. Piper Sandler boosted their target price on shares of M&T Bank from $200.00 to $210.00 in a research report on Wednesday, April 20th. Citigroup initiated coverage on shares of M&T Bank in a research report on Thursday, March 24th. They set a “buy” rating for the company. Finally, The Goldman Sachs Group upped their price objective on shares of M&T Bank from $183.00 to $210.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $191.91.

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Shares of NYSE MTB opened at $171.36 on Friday. The firm’s 50-day moving average price is $169.44 and its 200-day moving average price is $169.13. M&T Bank has a 1-year low of $128.46 and a 1-year high of $186.95. The firm has a market capitalization of $30.74 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.08 and a beta of 0.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.21.

M&T Bank (NYSE:MTBGet Rating) last posted its earnings results on Wednesday, April 20th. The financial services provider reported $2.62 EPS for the quarter, topping the consensus estimate of $2.38 by $0.24. M&T Bank had a net margin of 29.31% and a return on equity of 11.45%. During the same quarter in the prior year, the firm earned $3.41 earnings per share. Equities research analysts forecast that M&T Bank will post 13.66 EPS for the current year.


M&T Bank declared that its board has authorized a share buyback plan on Tuesday, February 22nd that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 3.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company’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 sale, the insider now directly owns 39,008 shares in the company, valued at approximately $6,620,047.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher E. Kay sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares in the company, valued at $956,740.50. The disclosure for this sale can be found here. Insiders have sold a total of 7,725 shares of company stock valued at $1,335,332 over the last three months. Insiders own 0.73% of the company’s stock.

Several hedge funds have recently made changes to their positions in MTB. Richwood Investment Advisors LLC purchased a new stake in M&T Bank in the 4th quarter worth approximately $25,000. Riverview Trust Co purchased a new stake in M&T Bank in the 1st quarter worth approximately $27,000. CVA Family Office LLC purchased a new stake in M&T Bank in the 4th quarter worth approximately $31,000. Bank of New Hampshire purchased a new stake in M&T Bank in the 1st quarter worth approximately $34,000. Finally, Cordasco Financial Network purchased a new stake in M&T Bank in the 1st quarter worth approximately $34,000. Institutional investors own 87.61% of the company’s stock.

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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