M&T Bank (NYSE:MTB) Price Target Lowered to $200.00 at Royal Bank of Canada

M&T Bank (NYSE:MTB) had its target price cut by Royal Bank of Canada from $208.00 to $200.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other research analysts also recently issued reports about the stock. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Morgan Stanley cut their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Wells Fargo & Company lowered their price objective on M&T Bank from $185.00 to $175.00 and set an “underweight” 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, M&T Bank currently has an average rating of “Hold” and a consensus price target of $208.14.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $159.47 on Tuesday. The business’s fifty day simple moving average is $179.62 and its 200 day simple moving average is $191.54. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank has a 12 month low of $136.18 and a 12 month high of $225.70. The firm has a market capitalization of $26.20 billion, a P/E ratio of 10.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the firm posted $3.09 earnings per share. As a group, analysts anticipate that M&T Bank will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

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

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by insiders.

Institutional Trading of M&T Bank

A number of hedge funds have recently bought and sold shares of MTB. FMR LLC grew its position in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC raised its position in M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after purchasing an additional 40,948 shares during the period. Norges Bank bought a new stake in M&T Bank in the fourth quarter worth $317,690,000. Finally, Northern Trust Corp lifted its stake in M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock worth $316,483,000 after purchasing an additional 215,100 shares during the last quarter. Institutional investors 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.