M&T Bank (NYSE:MTB) Downgraded by Citigroup

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Citigroup cut shares of M&T Bank (NYSE:MTB) from a neutral rating to a sell rating in a research note issued to investors on Friday, BenzingaRatingsTable reports. They currently have $163.00 price target on the financial services provider’s stock, down from their prior price target of $172.00.

MTB has been the topic of several other research reports. ValuEngine lowered shares of Wolverine World Wide from a hold rating to a sell rating in a research report on Monday, May 20th. Barclays set a $24.00 target price on shares of Tenet Healthcare and gave the company a hold rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. reiterated a buy rating on shares of Gilead Sciences in a report on Tuesday, July 2nd. Wedbush lifted their target price on shares of Wintrust Financial from $79.00 to $80.00 and gave the company 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 company a buy rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. M&T Bank currently has a consensus rating of Hold and a consensus target price of $176.67.

Shares of M&T Bank stock opened at $172.33 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $167.98. M&T Bank has a 52 week low of $133.78 and a 52 week high of $180.77. The stock has a market capitalization of $23.78 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.84 and a beta of 1.06.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.30 by $0.05. The business had revenue of $1.55 billion for 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 period last year, the company posted $2.23 EPS. Analysts forecast that M&T Bank will post 14.54 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.32%. M&T Bank’s dividend payout ratio (DPR) is 31.10%.

In other M&T Bank news, insider Brian E. Hickey sold 4,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total value of $674,120.00. Following the completion of the transaction, the insider now owns 17,819 shares in the company, valued at $3,003,036.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Doris P. Meister sold 460 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $160.29, for a total transaction of $73,733.40. Following the completion of the transaction, the insider now owns 1,553 shares of the company’s stock, valued at approximately $248,930.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,521 shares of company stock valued at $1,594,509. Insiders own 0.54% of the company’s stock.

Several large investors have recently bought and sold shares of the business. FMR LLC lifted its position in shares of M&T Bank by 74.1% during the 4th quarter. FMR LLC now owns 5,947,002 shares of the financial services provider’s stock worth $851,195,000 after purchasing an additional 2,532,038 shares during the last quarter. Norges Bank purchased a new stake in shares of M&T Bank during the 4th quarter worth $174,207,000. PNC Financial Services Group Inc. lifted its position in shares of M&T Bank by 404.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 841,781 shares of the financial services provider’s stock worth $132,174,000 after purchasing an additional 674,968 shares during the last quarter. Hexavest Inc. purchased a new stake in shares of M&T Bank during the 2nd quarter worth $35,588,000. Finally, BTIM Corp. lifted its position in shares of M&T Bank by 169.2% during the 1st quarter. BTIM Corp. now owns 209,640 shares of the financial services provider’s stock worth $32,918,000 after purchasing an additional 131,773 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

M&T Bank Company Profile

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.

Further Reading: P/E Growth (PEG)

Analyst Recommendations for M&T Bank (NYSE:MTB)

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