M&T Bank (NYSE:MTB) Price Target Cut to $200.00 by Analysts at Truist Financial

M&T Bank (NYSE:MTB) had its target price decreased by research analysts at Truist Financial from $225.00 to $200.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target suggests a potential upside of 23.25% from the company’s current price.

A number of other brokerages also recently weighed in on MTB. Citigroup dropped their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Barclays decreased their target price on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday. Royal Bank of Canada dropped their price target on shares of M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday. Robert W. Baird reduced their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, DA Davidson lowered their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $208.14.

M&T Bank Trading Up 2.4 %

Shares of NYSE:MTB traded up $3.77 during mid-day trading on Tuesday, hitting $162.27. The stock had a trading volume of 352,742 shares, compared to its average volume of 1,113,984. The company’s 50 day moving average is $180.47 and its 200-day moving average is $191.77. M&T Bank has a 12-month low of $136.18 and a 12-month high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a market cap of $26.66 billion, a PE ratio of 11.11, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the previous year, the company earned $3.09 EPS. On average, sell-side analysts predict that M&T Bank will post 16.57 EPS for the current year.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds have recently modified their holdings of MTB. MML Investors Services LLC raised its position in M&T Bank by 13.4% in the 3rd quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider’s stock valued at $1,220,000 after purchasing an additional 809 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of M&T Bank in the third quarter valued at about $332,000. Barclays PLC lifted its position in M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after buying an additional 61,375 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in M&T Bank by 14.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,767 shares of the financial services provider’s stock worth $2,808,000 after acquiring an additional 2,018 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB increased its position in M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after acquiring an additional 6,205 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.