M&T Bank (NYSE:MTB) Price Target Raised to $253.00 at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on M&T Bank from $245 to $253 while keeping an equal weight rating, implying about 6.83% upside from the current share price.
• Other analysts have been mixed on MTB, with recent target changes from JPMorgan, DA Davidson, and RBC, while the overall consensus remains Hold with a $236 average target.
• M&T Bank recently reported better-than-expected quarterly earnings of $4.18 per share and also authorized a $5 billion share repurchase program, signaling confidence in the stock’s valuation.

M&T Bank (NYSE:MTB - Get Free Report) had its price objective increased by analysts at Morgan Stanley from $245.00 to $253.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's price objective suggests a potential upside of 6.83% from the stock's current price.

A number of other research firms have also recently weighed in on MTB. JPMorgan Chase & Co. cut their price target on M&T Bank from $231.50 to $227.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. DA Davidson upped their price objective on M&T Bank from $233.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Royal Bank Of Canada raised their target price on M&T Bank from $225.00 to $230.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of M&T Bank in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $236.00.

M&T Bank Price Performance

MTB stock opened at $236.83 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $34.68 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.16 and a beta of 0.58. The business's 50-day moving average is $218.54 and its two-hundred day moving average is $215.16. M&T Bank has a 1 year low of $174.76 and a 1 year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping analysts' consensus estimates of $4.02 by $0.16. The business had revenue of $2.44 billion during 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 period in the previous year, the company posted $3.32 earnings per share. Analysts anticipate that M&T Bank will post 18.8 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the company's 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 transaction, the executive vice president owned 6,753 shares of the company's stock, valued at $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.44% of the company's stock.

Institutional Trading of M&T Bank

Several large investors have recently bought and sold shares of MTB. Empowered Funds LLC raised its holdings in shares of M&T Bank by 11.9% in the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock worth $607,000 after acquiring an additional 362 shares during the last quarter. Woodline Partners LP boosted its stake 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 acquiring an additional 4,054 shares during the last quarter. Lazard Asset Management LLC increased its position in M&T Bank by 24.6% during the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock worth $562,000 after purchasing an additional 572 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in M&T Bank during the 2nd quarter worth about $92,000. Finally, Geneos Wealth Management Inc. raised its stake in M&T Bank by 4.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock valued at $335,000 after purchasing an additional 71 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Company Profile

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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