M&T Bank (NYSE:MTB - Get Free Report) had its target price lifted by research analysts at Wells Fargo & Company from $205.00 to $215.00 in a report issued on Monday, Marketbeat.com reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective indicates a potential downside of 9.99% from the stock's current price.
A number of other brokerages have also commented on MTB. Piper Sandler raised their price objective on M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Argus upped their target price on M&T Bank from $230.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 17th. UBS Group set a $235.00 price target on shares of M&T Bank in a research report on Thursday, April 16th. The Goldman Sachs Group raised their price target on shares of M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a report on Monday, April 6th. Finally, Cantor Fitzgerald lowered their price objective on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, April 17th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, M&T Bank currently has a consensus rating of "Hold" and a consensus price target of $236.53.
Read Our Latest Stock Report on M&T Bank
M&T Bank Price Performance
MTB opened at $238.85 on Monday. The firm has a market capitalization of $34.98 billion, a P/E ratio of 13.37, a PEG ratio of 1.17 and a beta of 0.57. The stock has a fifty day moving average of $220.63 and a 200-day moving average of $216.43. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $174.76 and a 12-month high of $243.57.
M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the company posted $3.32 earnings per share. Equities analysts forecast that M&T Bank will post 18.8 EPS for the current fiscal year.
M&T Bank declared that its Board of Directors has authorized a stock 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 repurchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling at M&T Bank
In other news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction dated 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 $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is owned by company insiders.
Hedge Funds Weigh In On M&T Bank
A number of hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in shares of M&T Bank by 12.5% during the 2nd quarter. Versant Capital Management Inc now owns 989 shares of the financial services provider's stock valued at $235,000 after purchasing an additional 110 shares in the last quarter. CX Institutional raised its holdings in M&T Bank by 3.4% during the second quarter. CX Institutional now owns 1,650 shares of the financial services provider's stock valued at $393,000 after buying an additional 54 shares in the last quarter. Parallel Advisors LLC raised its holdings in M&T Bank by 9.9% during the first quarter. Parallel Advisors LLC now owns 3,846 shares of the financial services provider's stock valued at $795,000 after buying an additional 345 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of M&T Bank by 0.9% in the first quarter. Glenmede Trust Co. NA now owns 11,489 shares of the financial services provider's stock worth $2,375,000 after buying an additional 97 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of M&T Bank by 24.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,657 shares of the financial services provider's stock worth $343,000 after buying an additional 328 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.
About M&T Bank
(
Get Free Report)
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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