M&T Bank dips as Truist downgrades to 'hold'

Shares of lender M&T Bank MTB.N fall 0.87% to $203.96 in afternoon session after Truist downgrades stock rating to "hold" from "buy"

Truist says MTB's excess‑capital advantage is no longer unique as more regional banks strengthen their balance sheets

Investor concern persists that MTB could deploy capital for M&A, which brokerage views as a potential negative catalyst

Truist cites improving loan growth and a slightly cheaper forward P/E as reasons to move to "hold" rather than "sell"

13 of 22 brokerages rate the stock "buy" or "strong buy", 8 "hold" and 1 "sell"; median PT is $220 - data compiled by LSEG

As of last close, MTB up 9.4% YTD lagging KBW Bank Index .BKX and S&P 500 .SPX