M&T Bank (NYSE:MTB) Receives Outperform Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated its outperform rating on M&T Bank and set a $225 price target, implying about 7.44% upside from the prior close.
• M&T Bank shares were down 0.5% to $209.41 on Thursday, while the stock continues to carry a Hold consensus rating and a consensus target price of $235.32.
• The bank reported Q1 earnings of $4.18 per share, beating estimates, and its board approved a $5 billion share repurchase program authorizing buybacks of up to 16.7% of shares.

M&T Bank (NYSE:MTB - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Royal Bank Of Canada in a research note issued to investors on Thursday,Benzinga reports. They currently have a $225.00 target price on the financial services provider's stock. Royal Bank Of Canada's price target would suggest a potential upside of 7.44% from the stock's previous close.

A number of other brokerages have also weighed in on MTB. DA Davidson lifted their target price on M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Wall Street Zen lowered M&T Bank from a "hold" rating to a "sell" rating in a research report on Saturday, March 21st. JPMorgan Chase & Co. decreased their target price on M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a research report on Thursday, April 30th. Jefferies Financial Group boosted their price target on M&T Bank from $255.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group boosted their price target on M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a research report on Monday, April 6th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, M&T Bank has a consensus rating of "Hold" and a consensus target price of $235.32.

M&T Bank Stock Down 0.5%

NYSE MTB traded down $1.01 on Thursday, reaching $209.41. 130,370 shares of the stock traded hands, compared to its average volume of 1,159,268. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The company has a fifty day moving average price of $210.01 and a 200-day moving average price of $208.48. The company has a market cap of $30.67 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 1.05 and a beta of 0.59. M&T Bank has a 12 month low of $174.76 and a 12 month high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last issued its 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 during the quarter, compared to analyst estimates 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 EPS. As a group, research analysts forecast that M&T Bank will post 18.69 EPS for the current fiscal year.

M&T Bank declared that its board has approved a stock buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes 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 management believes its stock is undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Michael A. Wisler sold 8,237 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $223.48, for a total value of $1,840,804.76. Following the completion of the transaction, the executive vice president directly owned 4,643 shares of the company's stock, valued at approximately $1,037,617.64. The trade was a 63.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christopher E. Kay sold 3,105 shares of the company's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.44% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bogart Wealth LLC increased its position in M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock valued at $25,000 after buying an additional 84 shares in the last quarter. Bank of Jackson Hole Trust increased its position in M&T Bank by 342.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider's stock valued at $31,000 after buying an additional 120 shares in the last quarter. Triumph Capital Management acquired a new position in M&T Bank during the 3rd quarter valued at about $32,000. Elyxium Wealth LLC acquired a new position in M&T Bank during the 4th quarter valued at about $33,000. Finally, Ameriflex Group Inc. increased its position in M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider's stock valued at $37,000 after buying an additional 84 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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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