M&T Bank (NYSE:MTB) Cut to “Neutral” at Citigroup

Citigroup cut shares of M&T Bank (NYSE:MTB) from a buy rating to a neutral rating in a research report sent to investors on Monday, MarketBeat Ratings reports. Citigroup currently has $230.00 price target on the financial services provider’s stock, up from their previous price target of $220.00.

MTB has been the topic of a number of other research reports. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Bank of America lifted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Wells Fargo & Company upped their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research report on Friday, October 4th. Finally, Wedbush upped their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average target price of $206.41.

M&T Bank Price Performance

NYSE MTB opened at $220.80 on Monday. The stock has a market capitalization of $36.64 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 3.13 and a beta of 0.74. M&T Bank has a 1-year low of $123.46 and a 1-year high of $225.70. 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 business’s fifty day moving average price is $194.82 and its 200-day moving average price is $171.05.

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

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the firm’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 $7,724,491.06. This trade represents a 18.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the transaction, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in M&T Bank during the third quarter valued at approximately $44,000. Principal Financial Group Inc. raised its holdings in M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares during the period. Price T Rowe Associates Inc. MD lifted its position in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after buying an additional 18,566 shares during the last quarter. Smead Capital Management Inc. lifted its position in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after buying an additional 16,657 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its stake in M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after buying an additional 12,304 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

About M&T Bank

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.