M&T Bank (NYSE:MTB) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded M&T Bank from a sell to a hold rating, while the broader analyst picture remains mixed with a consensus rating of hold and an average target price of $235.32.
• The bank reported solid quarterly results, with earnings per share of $4.18 beating estimates and revenue of $2.44 billion slightly above expectations. Analysts still expect full-year EPS of 18.81.
• M&T Bank also announced a $5 billion share buyback program, which could allow it to repurchase up to 16.7% of its shares and may signal management views the stock as undervalued.

M&T Bank (NYSE:MTB - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

MTB has been the subject of a number of other research reports. Cantor Fitzgerald dropped their price target on M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a research note on Friday, April 17th. Piper Sandler raised their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Jefferies Financial Group lifted their price objective on M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Morgan Stanley reduced their target price on M&T Bank from $271.00 to $245.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Finally, Robert W. Baird increased their target price on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $235.32.

M&T Bank Stock Up 0.1%

MTB opened at $225.38 on Friday. The company has a current ratio of 0.94, a quick 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 $239.00. The business's 50-day moving average price is $217.24 and its 200-day moving average price is $213.64. The company has a market cap of $33.01 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.10 and a beta of 0.57.

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 (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the business earned $3.32 earnings per share. On average, equities analysts expect that M&T Bank will post 18.81 EPS for the current year.

M&T Bank declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares of the company's stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.44% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in shares of M&T Bank by 3.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider's stock worth $285,341,000 after acquiring an additional 49,336 shares during the last quarter. Canoe Financial LP raised its position in shares of M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock worth $131,515,000 after purchasing an additional 219,065 shares during the last quarter. Barclays PLC raised its position in shares of M&T Bank by 3.9% in the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider's stock worth $106,846,000 after purchasing an additional 20,120 shares during the last quarter. Davis Asset Management L.P. raised its position in shares of M&T Bank by 23.1% in the 4th quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider's stock worth $80,592,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider's stock worth $79,954,000 after purchasing an additional 103,692 shares in the last quarter. Institutional investors 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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