Jefferies Financial Group downgraded shares of M&T Bank (NYSE:MTB) from a buy rating to a hold rating in a report published on Tuesday morning, BenzingaRatingsTable reports. They currently have $167.00 target price on the financial services provider’s stock, down from their previous target price of $185.00. Jefferies Financial Group also issued estimates for M&T Bank’s Q3 2019 earnings at $3.66 EPS, Q4 2019 earnings at $3.68 EPS, FY2019 earnings at $14.03 EPS, Q1 2020 earnings at $3.22 EPS, Q2 2020 earnings at $3.60 EPS, Q3 2020 earnings at $3.59 EPS, Q4 2020 earnings at $3.64 EPS, FY2020 earnings at $14.05 EPS, Q1 2021 earnings at $3.25 EPS, Q2 2021 earnings at $3.69 EPS, Q3 2021 earnings at $3.70 EPS and FY2021 earnings at $14.40 EPS.
Several other brokerages have also commented on MTB. Citigroup cut their price objective on M&T Bank from $163.00 to $155.00 and set a sell rating for the company in a report on Monday, September 9th. Macquarie set a $158.00 price objective on M&T Bank and gave the stock a sell rating in a report on Friday, July 19th. Piper Jaffray Companies lowered M&T Bank from an overweight rating to a neutral rating and cut their price objective for the stock from $196.00 to $168.00 in a report on Monday, July 22nd. UBS Group cut their price objective on M&T Bank from $176.00 to $172.00 and set a neutral rating for the company in a report on Wednesday, July 10th. Finally, Odeon Capital Group assumed coverage on M&T Bank in a report on Friday, September 27th. They issued a hold rating for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. M&T Bank currently has an average rating of Hold and an average price target of $171.62.
MTB stock opened at $156.48 on Tuesday. M&T Bank has a 1-year low of $133.78 and a 1-year high of $176.11. The business has a fifty day moving average price of $152.20 and a 200-day moving average price of $160.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $20.37 billion, a P/E ratio of 12.17, a P/E/G ratio of 2.14 and a beta of 1.10.
M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.70 by ($0.36). M&T Bank had a return on equity of 14.26% and a net margin of 29.81%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. As a group, analysts anticipate that M&T Bank will post 13.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Friday, August 30th. M&T Bank’s payout ratio is currently 31.10%.
In other M&T Bank news, EVP Doris P. Meister sold 1,108 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $150.96, for a total transaction of $167,263.68. Following the completion of the sale, the executive vice president now owns 1,371 shares of the company’s stock, valued at $206,966.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William J. Farrell II sold 3,070 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $163.82, for a total value of $502,927.40. Following the sale, the executive vice president now directly owns 10,774 shares of the company’s stock, valued at approximately $1,764,996.68. The disclosure for this sale can be found here. Insiders have sold 4,828 shares of company stock valued at $770,668 in the last three months. 0.54% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in MTB. North Star Investment Management Corp. bought a new stake in M&T Bank during the third quarter valued at about $32,000. Webster Bank N. A. bought a new stake in M&T Bank during the second quarter valued at about $43,000. HM Payson & Co. bought a new stake in M&T Bank during the second quarter valued at about $51,000. CSat Investment Advisory L.P. grew its holdings in M&T Bank by 305.3% during the second quarter. CSat Investment Advisory L.P. now owns 304 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 229 shares during the period. Finally, CX Institutional grew its holdings in M&T Bank by 24.8% during the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 74 shares during the period. 82.08% of the stock is owned by institutional investors and hedge funds.
M&T Bank Company Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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