M&T Bank (NYSE:MTB) Shares Gap Down – What’s Next?

Shares of M&T Bank Co. (NYSE:MTB) gapped down before the market opened on Thursday . The stock had previously closed at $200.87, but opened at $195.71. M&T Bank shares last traded at $196.32, with a volume of 228,169 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Compass Point increased their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Wells Fargo & Company increased their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Royal Bank of Canada increased their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Wedbush increased their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $216.86.

M&T Bank Stock Down 2.3 %

The business has a 50-day moving average price of $203.21 and a 200-day moving average price of $182.94. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The stock has a market cap of $32.55 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. During the same period last year, the company posted $2.74 EPS. As a group, analysts forecast that M&T Bank Co. will post 14.58 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.75%. M&T Bank’s payout ratio is currently 39.97%.

Insider Buying and Selling at M&T Bank

In other news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 23.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,994 shares of company stock worth $17,211,278. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MTB. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank during the 3rd quarter worth about $44,000. Principal Financial Group Inc. increased its position in shares of M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares during the last quarter. Smead Capital Management Inc. increased its position in shares of M&T Bank by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after purchasing an additional 16,657 shares during the last quarter. National Pension Service increased its position in shares of M&T Bank by 5.2% during the 3rd quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock worth $47,761,000 after purchasing an additional 13,302 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its position in M&T Bank by 6.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock valued at $8,955,000 after acquiring an additional 2,883 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.