M&T Bank (NYSE:MTB) Given New $210.00 Price Target at Piper Sandler

M&T Bank (NYSE:MTB - Free Report) had its price objective reduced by Piper Sandler from $220.00 to $210.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Several other analysts also recently weighed in on the company. Citigroup cut their price target on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Royal Bank of Canada cut their price target on M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. 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 report on Tuesday, April 15th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley decreased their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and an average target price of $208.14.

M&T Bank Price Performance

NYSE:MTB traded up $1.19 during trading hours on Tuesday, hitting $160.09. 1,105,142 shares of the company's stock traded hands, compared to its average volume of 1,111,223. The business's fifty day simple moving average is $177.25 and its two-hundred day simple moving average is $191.23. M&T Bank has a 52 week low of $139.78 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $26.30 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data 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). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business posted $3.09 EPS. On average, research analysts anticipate that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.37%. M&T Bank's dividend payout ratio is presently 36.17%.

M&T Bank announced that its board has authorized a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction on 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 sale, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale 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 Investors Weigh In On M&T Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTB. FMR LLC raised its stake in shares of 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 in the last quarter. Norges Bank purchased a new position in M&T Bank during the 4th quarter worth $317,690,000. GAMMA Investing LLC raised its position in M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after purchasing an additional 701,905 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after buying an additional 286,049 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of M&T Bank during the fourth quarter valued at $48,939,000. Institutional investors own 84.68% of the company's stock.

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.