M&T Bank (NYSE:MTB) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of M&T Bank (NYSE:MTB) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other equities analysts also recently issued reports on MTB. JPMorgan Chase & Co. reduced their price target on M&T Bank from $265.50 to $248.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Evercore set a $230.00 price objective on M&T Bank in a research report on Thursday, October 1st. Robert W. Baird boosted their target price on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price on the stock. in a research note on Thursday, July 23rd. Finally, Cantor Fitzgerald reduced their target price on M&T Bank from $285.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $244.89.

M&T Bank Trading Down 0.7%

NYSE MTB opened at $218.16 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. The firm has a market cap of $31.51 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 1.26 and a beta of 0.64. The company has a 50 day moving average price of $224.35 and a 200 day moving average price of $225.29. M&T Bank has a 52 week low of $179.75 and a 52 week high of $255.95.

M&T Bank (NYSE:MTB) last announced its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.93 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. During the same period last year, the firm earned $4.82 earnings per share. As a group, sell-side analysts forecast that M&T Bank will post 19.48 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio (DPR) is currently 31.32%.

Insider Transactions at M&T Bank

In other news, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in shares of M&T Bank in the 2nd quarter worth $330,978,000. Davis Asset Management L.P. purchased a new position in shares of M&T Bank during the 2nd quarter worth $97,584,000. Aberdeen Group plc raised its holdings in shares of M&T Bank by 332.1% during the 3rd quarter. Aberdeen Group plc now owns 523,220 shares of the financial services provider’s stock worth $113,853,000 after acquiring an additional 402,126 shares during the period. Squarepoint Ops LLC boosted its position in shares of M&T Bank by 718.5% during the 2nd quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider’s stock valued at $53,409,000 after acquiring an additional 196,982 shares during the last quarter. Finally, Danske Bank A S acquired a new position in shares of M&T Bank during the 2nd quarter valued at about $34,683,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.