M&T Bank (NYSE: MTB) received an upgrade from a “sell” rating to a “hold” rating by analysts at Wall Street Zen, according to a research note released on January 13, 2024. This adjustment reflects a notable shift in sentiment towards the financial services provider, which has experienced a mix of analyst ratings recently.
Several other equity research firms have made changes to their evaluations of M&T Bank. Wolfe Research downgraded the bank from an “outperform” to a “peer perform” rating on January 7, 2024. Conversely, Weiss Ratings maintained a “buy (B-)” rating on December 29, 2023, indicating a generally positive outlook. Wells Fargo & Company raised its price target for M&T Bank from $185.00 to $205.00 while designating the stock as “underweight” on January 5, 2024. Notably, Robert W. Baird increased their price objective from $225.00 to $230.00, assigning an “outperform” rating on December 18, 2023. Following this, Piper Sandler raised its price goal from $225.00 to $235.00 on January 16, 2024.
The consensus rating for M&T Bank is currently “Hold,” with one analyst giving it a “Strong Buy,” eight offering a “Buy,” eleven assigning a “Hold,” and one issuing a “Sell.” According to MarketBeat, the average target price for the stock is $224.29.
Recent Earnings Performance
M&T Bank recently reported its quarterly earnings on January 16, 2024, revealing earnings per share (EPS) of $4.72. This figure surpassed analysts’ expectations of $4.47 by $0.25. The bank generated revenue of $2.48 billion, slightly exceeding the forecast of $2.47 billion. The company’s net margin stood at 21.55%, while its return on equity was 10.94%. In the same quarter the previous year, M&T Bank had an EPS of $3.77.
Looking ahead, sell-side analysts forecast that M&T Bank will achieve an EPS of $16.57 for the current fiscal year.
Insider Activity and Institutional Investments
On January 22, 2024, M&T Bank’s Director, John P. Barnes, sold 17,866 shares at an average price of $220.81, totaling approximately $3,944,991.46. This transaction was disclosed in a filing with the Securities and Exchange Commission. Additionally, Director Robert E. Sadler, Jr. sold 6,000 shares on November 25, 2023, at an average price of $190.06, amounting to around $1,140,360.00. Following this sale, he retained 17,070 shares valued at approximately $3,244,324.20, reflecting a 26.01% decrease in his ownership.
In the past 90 days, insiders have sold a total of 30,003 shares, valued at $6,283,182. Currently, corporate insiders hold 0.53% of the company’s stock.
Institutional investors have been active in adjusting their holdings in M&T Bank. Munich Reinsurance Co Stock Corp increased its stake by 37.1% in the fourth quarter, owning 351,076 shares valued at $71.46 million after acquiring an additional 95,025 shares. Citizens & Northern Corp raised its position by 7.6%, now holding 3,642 shares worth $734,000.
Kingswood Wealth Advisors LLC grew its position by 17.0%, now owning 1,991 shares valued at $401,000. Salomon & Ludwin LLC increased its holdings by 45.5%, owning 339 shares valued at $71,000. Additionally, Miller Howard Investments Inc. NY acquired a new position in M&T Bank during the fourth quarter valued at approximately $42.82 million.
Overall, institutional investors control 84.68% of M&T Bank’s stock, indicating strong institutional confidence in the bank’s future performance.
M&T Bank Corporation, headquartered in Buffalo, New York, is a bank holding company that offers a wide array of banking and financial services. With a focus on commercial and retail banking, the company serves customers throughout the northeastern and mid-Atlantic United States, expanding its reach through strategic acquisitions. The bank’s services include deposit-taking, lending, payment services, and wealth management, positioning it as a key player in the financial services industry.
