M&T Bank (NYSE:MTB) Stock Price Target Lowered at Morgan Stanley

Key Points

• Morgan Stanley lowered M&T Bank’s price target from $304 to $301 while maintaining an “overweight” rating, implying 36.12% potential upside from the prior close.
• Analyst sentiment is mixed: eight analysts rate the stock a Buy, thirteen recommend Hold, and one recommends Sell, resulting in a consensus “Hold” rating and average target of $253.68.
• M&T Bank exceeded quarterly expectations, reporting $5.35 in EPS versus a $4.66 consensus estimate and $2.53 billion in revenue versus $2.46 billion expected; institutional investors own 84.68% of the shares.

M&T Bank (NYSE:MTB - Get Free Report) had its price target dropped by research analysts at Morgan Stanley from $304.00 to $301.00 in a report released on Monday. The brokerage currently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's price objective points to a potential upside of 36.12% from the company's previous close.

MTB has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of M&T Bank in a report on Tuesday, September 1st. Royal Bank Of Canada raised their target price on M&T Bank from $230.00 to $255.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Truist Financial decreased their target price on shares of M&T Bank from $268.00 to $250.00 and set a "hold" rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 price target for the company. in a report on Thursday, July 23rd. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $253.68.

M&T Bank Trading Down 0.0%

Shares of M&T Bank stock opened at $221.12 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The firm has a market cap of $31.93 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 1.25 and a beta of 0.56. M&T Bank has a 52-week low of $174.76 and a 52-week high of $255.95. The company's 50-day simple moving average is $241.47 and its 200-day simple moving average is $226.88.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same quarter in the previous year, the firm posted $4.28 EPS. As a group, equities research analysts anticipate that M&T Bank will post 19.45 earnings per share for the current year.

Insider Activity

In related news, CEO René Jones sold 19,396 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares of the company's stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director owned 3,649 shares of the company's stock, valued at approximately $879,554.96. The trade was a 14.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,028 shares of company stock worth $4,794,884 over the last quarter. Insiders own 0.44% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Danske Bank A S acquired a new position in M&T Bank in the 2nd quarter valued at about $34,683,000. Adams Diversified Equity Fund Inc. grew its holdings in shares of M&T Bank by 22.8% during the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock worth $24,786,000 after buying an additional 22,300 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of M&T Bank in the second quarter valued at approximately $330,978,000. Davis Asset Management L.P. purchased a new position in shares of M&T Bank during the second quarter valued at approximately $97,584,000. Finally, Quantitative Investment Management LLC purchased a new position in shares of M&T Bank during the second quarter valued at approximately $1,248,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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