Piper Sandler Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target reduced by stock analysts at Piper Sandler from $220.00 to $210.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 32.21% from the stock’s previous close.

MTB has been the subject of several other research reports. Barclays cut their target price on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday. Evercore ISI lowered their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Citigroup cut 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 note on Monday, March 24th. JPMorgan Chase & Co. decreased their price target on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Finally, Royal Bank of Canada cut their price objective on M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $208.14.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $158.84 on Tuesday. The company has a market capitalization of $26.10 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank has a 1-year low of $137.76 and a 1-year high of $225.70. The firm’s 50 day simple moving average is $178.78 and its two-hundred day simple moving average is $191.32. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $3.09 EPS. Research analysts expect that M&T Bank will post 16.57 EPS for the current fiscal year.

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

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was 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 owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wood Tarver Financial Group LLC bought a new stake in M&T Bank during the 4th quarter valued at about $29,000. Banque Transatlantique SA bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $38,000. Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $44,000. Finally, Sierra Ocean LLC bought a new position in M&T Bank in the fourth quarter worth approximately $44,000. 84.68% of the stock is currently owned by institutional investors.

About M&T Bank

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.