Citigroup Downgrades M&T Bank (NYSE:MTB) to Neutral

Citigroup downgraded shares of M&T Bank (NYSE:MTB) from a buy rating to a neutral rating in a report released on Monday morning, MarketBeat.com reports. The brokerage 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 subject of several other reports. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Friday, October 4th. Morgan Stanley raised their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Barclays raised their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Evercore ISI lifted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average target price of $201.71.

M&T Bank Price Performance

MTB stock opened at $221.96 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. M&T Bank has a 1 year low of $123.46 and a 1 year high of $225.70. The stock has a market capitalization of $36.83 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The company’s 50-day moving average is $192.95 and its 200-day moving average is $170.23.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Equities research analysts expect that M&T Bank will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, December 2nd. M&T Bank’s payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the transaction, the director now owns 49,960 shares in the company, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,383 shares of company stock worth $17,925,801. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. FMR LLC raised its holdings in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp raised its holdings in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after purchasing an additional 66,337 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of M&T Bank by 4.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after purchasing an additional 81,004 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.