M&T Bank (NYSE:MTB) was downgraded by stock analysts at Citigroup from a “neutral” rating to a “sell” rating in a report issued on Friday, MarketBeat Ratings reports. They currently have a $163.00 price objective on the financial services provider’s stock, down from their prior price objective of $172.00. Citigroup‘s price target points to a potential downside of 6.36% from the stock’s previous close.
MTB has been the topic of several other reports. JPMorgan Chase & Co. reissued a “buy” rating on shares of Gilead Sciences in a research report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. Wedbush increased their price objective on shares of Wintrust Financial from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, April 16th. UBS Group increased their price objective on shares of Willis Towers Watson from $202.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Barclays set a $24.00 price objective on shares of Tenet Healthcare and gave the company a “hold” rating in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $176.67.
Shares of MTB stock opened at $174.07 on Friday. M&T Bank has a one year low of $133.78 and a one year high of $180.77. The company’s 50-day moving average price is $167.45. The stock has a market cap of $23.78 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 1.59 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.59.
M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.30 by $0.05. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the firm posted $2.23 EPS. As a group, analysts anticipate that M&T Bank will post 14.54 EPS for the current year.
In other news, insider Brian E. Hickey sold 4,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total value of $674,120.00. Following the transaction, the insider now owns 17,819 shares in the company, valued at approximately $3,003,036.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert J. Bojdak sold 1,638 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $170.03, for a total transaction of $278,509.14. Following the completion of the transaction, the insider now owns 20,199 shares in the company, valued at approximately $3,434,435.97. The disclosure for this sale can be found here. Insiders have sold a total of 9,521 shares of company stock worth $1,594,509 in the last 90 days. Company insiders own 0.54% of the company’s stock.
Several large investors have recently modified their holdings of MTB. Liberty Wealth Management LLC raised its stake in M&T Bank by 972.7% during the 1st quarter. Liberty Wealth Management LLC now owns 236 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 214 shares during the period. Pearl River Capital LLC bought a new stake in M&T Bank during the 1st quarter worth approximately $42,000. Webster Bank N. A. bought a new stake in M&T Bank during the 2nd quarter worth approximately $43,000. CX Institutional bought a new stake in M&T Bank during the 1st quarter worth approximately $47,000. Finally, Legacy Advisors LLC bought a new stake in M&T Bank during the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.
About M&T Bank
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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