M&T Bank Corporation (NYSE:MTB) Receives Average Rating of "Hold" from Brokerages

Key Points

• M&T Bank currently has a consensus analyst rating of "Hold" from 22 brokerages, with 7 buy ratings, 14 hold ratings, and 1 sell rating. The average 1-year price target is about $251.43.
• The company reported better-than-expected quarterly results, posting earnings of $5.35 per share versus the $4.66 estimate and revenue of $2.53 billion versus the $2.46 billion estimate.
• M&T Bank's board authorized a $5 billion stock repurchase plan, which would allow the company to buy back up to 16.7% of its outstanding shares.

Shares of M&T Bank Corporation (NYSE:MTB - Get Free Report) have been assigned a consensus recommendation of "Hold" from the twenty-two brokerages that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $251.4250.

MTB has been the topic of several research analyst reports. Robert W. Baird lifted their target price on M&T Bank from $240.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of M&T Bank to a "hold" rating and set a $250.00 price target for the company. in a research report on Thursday. UBS Group raised their price target on shares of M&T Bank from $225.00 to $252.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a research note on Thursday, July 16th.

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M&T Bank Price Performance

MTB opened at $250.85 on Thursday. The firm has a market capitalization of $36.74 billion, a P/E ratio of 13.24, a PEG ratio of 1.15 and a beta of 0.57. The stock has a fifty day moving average of $228.54 and a 200-day moving average of $220.06. The company has a quick ratio of 0.94, a current ratio of 0.89 and a debt-to-equity ratio of 0.53. M&T Bank has a 12-month low of $174.76 and a 12-month high of $255.00.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating analysts' consensus estimates of $4.66 by $0.69. The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate 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 company posted $4.28 earnings per share. Equities analysts forecast that M&T Bank will post 19.44 EPS for the current fiscal year.

M&T Bank declared that its board has approved a stock repurchase plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.44% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Delphi Management Inc. MA bought a new stake in M&T Bank in the fourth quarter worth approximately $1,524,000. LSV Asset Management raised its holdings in shares of M&T Bank by 14.5% during the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock valued at $78,960,000 after purchasing an additional 49,500 shares in the last quarter. Adams Diversified Equity Fund Inc. raised its holdings in shares of M&T Bank by 22.8% during the 1st quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock valued at $24,786,000 after purchasing an additional 22,300 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of M&T Bank by 270.4% in the 4th quarter. SG Americas Securities LLC now owns 63,638 shares of the financial services provider's stock valued at $12,822,000 after purchasing an additional 46,458 shares during the last quarter. Finally, Canoe Financial LP lifted its stake in shares of M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock valued at $131,515,000 after purchasing an additional 219,065 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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