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

M&T Bank (NYSE: MTB – Get Valuation) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report on Friday.

The ATV has been the subject of several other reports. Morgan Stanley upgraded M&T Bank shares from an ‘underweight’ to an ‘overweight’ rating and raised its target price for the stock from $179.00 to $238.00 in a research report Thursday, April 21. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 research report. Piper Sandler raised her target price on M&T Bank shares from $200.00 to $210.00 in a Wednesday, April 20 research report. Citigroup launched coverage on M&T Bank shares in a research report on Thursday, March 24. They set a “buy” rating for the company. Finally, Goldman Sachs Group raised its price target on M&T Bank shares from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 research report. Eight equity research analysts gave the stock a hold rating and seven gave the stock a buy rating. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $191.91.

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NYSE MTB shares opened at $171.36 on Friday. The company’s 50-day moving average price is $169.44 and its 200-day moving average price is $169.13. M&T Bank has a 1-year low of $128.46 and a 1-year high of $186.95. The company has a market capitalization of $30.74 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.08 and a beta of 0.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt ratio of 0.21.

M&T Bank (NYSE:MTB – Get Rating) last released its results on Wednesday, April 20. The financial services provider reported EPS of $2.62 for the quarter, beating the consensus estimate of $2.38 by $0.24. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same quarter a year earlier, the company had earned earnings per share of $3.41. Equity research analysts expect M&T Bank to post EPS of 13.66 for the current year.

M&T Bank said its board authorized a stock repurchase plan on Tuesday, Feb. 22 that allows the company to repurchase $800.00 million of stock. This repurchase authorization authorizes the financial services provider to repurchase up to 3.4% of its shares through purchases on the open market. Stock buyback plans are often a sign that a company’s management believes its stock is undervalued.

In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade that took place on Tuesday, May 17. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the sale, the insider now directly owns 39,008 shares of the company, valued at approximately $6,620,047.68. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, Executive Vice President Christopher E. Kay sold 2,200 shares of the company in a transaction that took place on Friday, June 3. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares of the company, valued at $956,740.50. The disclosure of this sale can be found here. Insiders sold a total of 7,725 shares of the company valued at $1,335,332 over the past three months. Insiders own 0.73% of the shares of the company.

Several hedge funds have recently changed their positions in the MTB. Richwood Investment Advisors LLC acquired a new stake in M&T Bank in Q4 worth approximately $25,000. Riverview Trust Co bought a new stake in M&T Bank in Q1 worth around $27,000. CVA Family Office LLC acquired a new stake in M&T Bank in Q4 for a value of approximately $31,000. Bank of New Hampshire bought a new stake in M&T Bank in Q1 for about $34,000. Finally, Cordasco Financial Network acquired a new stake in M&T Bank in Q1 worth approximately $34,000. Institutional investors hold 87.61% of the company’s shares.

About M&T Bank (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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