M&T Bank (NYSE:MTB) Downgraded by Citigroup to “Neutral”

M&T Bank (NYSE:MTB) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a report issued on Monday, Marketbeat Ratings reports. They presently have a $230.00 target price on the financial services provider’s stock, up from their previous target price of $220.00. Citigroup’s target price suggests a potential upside of 4.18% from the stock’s current price.

MTB has been the subject of several other reports. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada raised their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Barclays lifted their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, Wedbush increased their price objective on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, M&T Bank has an average rating of “Hold” and a consensus target price of $203.29.

M&T Bank Stock Performance

NYSE MTB opened at $220.77 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The company has a fifty day moving average price of $193.89 and a 200-day moving average price of $170.70. M&T Bank has a 1 year low of $123.46 and a 1 year high of $225.70. The firm has a market cap of $36.63 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 3.11 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, equities research analysts predict that M&T Bank will post 14.56 EPS for the current fiscal year.

Insider Activity

In other news, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the sale, the executive vice president now owns 5,618 shares in the company, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,383 shares of company stock worth $17,925,801 over the last ninety days. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of MTB. Lazard Asset Management LLC grew its position in M&T Bank by 6.1% in the first quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock worth $3,831,000 after acquiring an additional 1,504 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after purchasing an additional 18,566 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of M&T Bank by 18.8% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock valued at $841,000 after purchasing an additional 915 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of M&T Bank by 1.6% during the 1st quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock valued at $40,174,000 after buying an additional 4,343 shares in the last quarter. Finally, Hancock Whitney Corp lifted its position in M&T Bank by 4.7% in the 1st quarter. Hancock Whitney Corp now owns 10,345 shares of the financial services provider’s stock worth $1,505,000 after buying an additional 464 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.