M&T Bank (NYSE:MTB) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of M&T Bank (NYSE:MTB) from a sell rating to a hold rating in a research report sent to investors on Friday.

A number of other research firms have also issued reports on MTB. DA Davidson upped their price target on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada raised their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday. Evercore ISI upgraded shares of M&T Bank from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $187.00 to $210.00 in a research note on Wednesday, October 2nd. Bank of America boosted their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $197.47.

M&T Bank Stock Down 2.0 %

Shares of MTB opened at $193.63 on Friday. The stock’s 50-day moving average price is $173.61 and its 200-day moving average price is $159.31. M&T Bank has a 52 week low of $108.53 and a 52 week high of $200.94. The company has a market capitalization of $32.31 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 3.27 and a beta of 0.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.79%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Activity

In related news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the transaction, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Michael J. Todaro sold 4,791 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.57, for a total value of $778,872.87. Following the completion of the sale, the executive vice president now owns 3,086 shares in the company, valued at $501,691.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,699 shares of company stock valued at $4,943,119. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds have recently modified their holdings of MTB. Ontario Teachers Pension Plan Board grew its holdings in M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares during the period. Leuthold Group LLC purchased a new position in shares of M&T Bank in the 1st quarter valued at about $3,125,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in M&T Bank by 5.9% during 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 in the last quarter. Finally, Gateway Investment Advisers LLC grew its position 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 institutional investors and hedge funds.

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.