M&T Bank (NYSE:MTB) Price Target Cut to $225.00 by Analysts at UBS Group

Key Points

• UBS cut its price target on M&T Bank to $225 (from $230) and kept a "neutral" rating, implying roughly a 2.8% upside from current levels.
• M&T's board authorized a $5.0 billion share repurchase, allowing buybacks of up to about 16.7% of outstanding shares, signaling management views the stock as undervalued.
• For the quarter M&T reported EPS of $4.72 (above $4.47 estimates) but revenue missed at $1.79 billion versus $2.47 billion, and analysts' consensus remains a "Hold" with a $230.24 target.

M&T Bank (NYSE:MTB - Get Free Report) had its target price dropped by stock analysts at UBS Group from $230.00 to $225.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. UBS Group's price target indicates a potential upside of 2.83% from the company's current price.

MTB has been the subject of a number of other research reports. Cantor Fitzgerald lifted their target price on shares of M&T Bank from $238.00 to $255.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. Piper Sandler increased their price target on M&T Bank from $225.00 to $235.00 in a report on Friday, January 16th. TD Cowen reissued a "buy" rating on shares of M&T Bank in a research report on Wednesday, January 7th. Wolfe Research downgraded M&T Bank from an "outperform" rating to a "peer perform" rating in a report on Wednesday, January 7th. Finally, Morgan Stanley lowered their price objective on shares of M&T Bank from $271.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, M&T Bank has a consensus rating of "Hold" and a consensus target price of $230.24.

M&T Bank Trading Up 3.2%

MTB traded up $6.80 during midday trading on Tuesday, hitting $218.82. 23,739 shares of the company were exchanged, compared to its average volume of 1,266,698. The firm has a market capitalization of $32.60 billion, a P/E ratio of 12.83, a P/E/G ratio of 1.00 and a beta of 0.60. The firm's 50 day moving average price is $216.07 and its 200-day moving average price is $203.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.41. M&T Bank has a 1-year low of $152.66 and a 1-year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.47 by $0.25. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the company earned $3.77 earnings per share. As a group, equities analysts forecast 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 share repurchase program on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In other news, Director Kirk W. Walters sold 909 shares of M&T Bank stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total transaction of $206,679.33. Following the completion of the transaction, the director directly owned 5,976 shares in the company, valued at $1,358,763.12. This trade represents a 13.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 887 shares of the business's stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total transaction of $191,405.73. Following the sale, the insider directly owned 16,446 shares of the company's stock, valued at approximately $3,548,882.34. The trade was a 5.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 49,092 shares of company stock worth $11,182,250. Company insiders own 0.44% of the company's stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC increased its holdings in M&T Bank by 11.9% during the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock worth $607,000 after purchasing an additional 362 shares in the last quarter. Woodline Partners LP boosted its position in shares of M&T Bank by 40.7% during the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock valued at $2,506,000 after buying an additional 4,054 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of M&T Bank by 41.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the financial services provider's stock valued at $269,000 after buying an additional 404 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in M&T Bank by 0.3% during the second quarter. Gamco Investors INC. ET AL now owns 20,489 shares of the financial services provider's stock worth $3,975,000 after buying an additional 67 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in M&T Bank by 24.6% in the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after buying an additional 572 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

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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