M&T Bank (NYSE:MTB) Upgraded to “Neutral” at Citigroup

Citigroup upgraded shares of M&T Bank (NYSE:MTB) from a sell rating to a neutral rating in a research report released on Tuesday, BenzingaRatingsTable reports. Citigroup currently has $155.00 price target on the financial services provider’s stock.

MTB has been the topic of several other research reports. ValuEngine raised shares of M&T Bank from a sell rating to a hold rating in a report on Friday, October 4th. JPMorgan Chase & Co. lifted their price target on shares of M&T Bank from $173.00 to $174.00 and gave the company a neutral rating in a report on Tuesday, July 2nd. Morgan Stanley lowered their price target on shares of M&T Bank from $175.00 to $172.00 and set an equal weight rating on the stock in a report on Thursday, October 3rd. Keefe, Bruyette & Woods lowered their price target on shares of M&T Bank from $189.00 to $185.00 and set an outperform rating on the stock in a report on Friday, July 19th. Finally, Odeon Capital Group assumed coverage on shares of M&T Bank in a report on Friday, September 27th. They set a hold rating on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. M&T Bank currently has an average rating of Hold and a consensus target price of $171.62.

Shares of NYSE:MTB opened at $156.48 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.06 and a quick ratio of 1.06. M&T Bank has a 1-year low of $133.78 and a 1-year high of $176.11. The company 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. The firm’s 50 day simple moving average is $152.20 and its two-hundred day simple moving average is $160.98.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.34 earnings per share for the quarter, missing the consensus estimate of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the firm earned $3.26 EPS. On average, sell-side analysts anticipate that M&T Bank will post 13.86 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.00 per share. 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 news, EVP Doris P. Meister sold 1,108 shares of M&T Bank stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $150.96, for a total transaction of $167,263.68. Following the sale, the executive vice president now owns 1,371 shares in the company, valued at $206,966.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP William J. Farrell II sold 3,070 shares of M&T Bank stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $163.82, for a total transaction of $502,927.40. Following the sale, the executive vice president now owns 10,774 shares in the company, valued at approximately $1,764,996.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,828 shares of company stock worth $770,668. Company insiders own 0.54% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Allied Advisory Services Inc. increased its position in M&T Bank by 1.8% in the second quarter. First Allied Advisory Services Inc. now owns 4,028 shares of the financial services provider’s stock worth $685,000 after purchasing an additional 71 shares during the last quarter. ETRADE Capital Management LLC increased its position in M&T Bank by 1.8% in the second quarter. ETRADE Capital Management LLC now owns 4,092 shares of the financial services provider’s stock worth $696,000 after purchasing an additional 72 shares during the last quarter. CX Institutional increased its position in M&T Bank by 24.8% in the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 74 shares during the last quarter. Sky Investment Group LLC increased its position in M&T Bank by 0.3% in the second quarter. Sky Investment Group LLC now owns 26,691 shares of the financial services provider’s stock worth $4,539,000 after purchasing an additional 78 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in M&T Bank by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 14,818 shares of the financial services provider’s stock worth $2,520,000 after purchasing an additional 86 shares during the last quarter. Institutional investors own 82.08% of the company’s stock.

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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Analyst Recommendations for M&T Bank (NYSE:MTB)

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