Robert W. Baird Reiterates Neutral Rating for M&T Bank (NYSE:MTB)

Key Points

• Robert W. Baird reiterated its neutral rating on M&T Bank and kept a $240 price target, implying only modest upside from the current share price.
• Analyst sentiment is mixed overall: while some firms raised targets, the stock’s consensus rating is Hold with an average target price of $236.53.
• M&T Bank reported better-than-expected quarterly earnings of $4.18 per share, and its board approved a $5 billion share repurchase plan authorizing buybacks of up to 16.7% of outstanding shares.

M&T Bank (NYSE:MTB - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at Robert W. Baird in a note issued to investors on Monday,Benzinga reports. They currently have a $240.00 price objective on the financial services provider's stock. Robert W. Baird's price objective indicates a potential upside of 0.48% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Royal Bank Of Canada raised their target price on shares of M&T Bank from $225.00 to $230.00 and gave the stock an "outperform" rating in a report on Tuesday, June 23rd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Saturday, June 20th. The Goldman Sachs Group raised their price objective on M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a research note on Monday, April 6th. DA Davidson upped 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. Finally, Morgan Stanley increased their target price on M&T Bank from $245.00 to $253.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $236.53.

M&T Bank Stock Down 0.0%

MTB opened at $238.85 on Monday. The stock has a fifty day moving average of $220.63 and a 200-day moving average of $216.43. The company has a market capitalization of $34.98 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.17 and a beta of 0.57. M&T Bank has a fifty-two week low of $174.76 and a fifty-two week high of $243.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating 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 business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company posted $3.32 earnings per share. On average, equities analysts expect that M&T Bank will post 18.8 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's 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 sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.44% of the company's stock.

Hedge Funds Weigh In On M&T Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTB. Delphi Management Inc. MA bought a new stake in shares of M&T Bank during the 4th quarter valued at about $1,524,000. Entropy Technologies LP bought a new stake in M&T Bank in the third quarter worth approximately $4,571,000. LSV Asset Management increased its holdings in M&T Bank by 14.5% in the fourth quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock worth $78,960,000 after purchasing an additional 49,500 shares in the last quarter. B. Metzler seel. Sohn & Co. AG lifted its stake in M&T Bank by 101.8% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 31,910 shares of the financial services provider's stock valued at $6,306,000 after buying an additional 16,101 shares during the period. Finally, Adams Diversified Equity Fund Inc. lifted its stake in M&T Bank by 22.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock valued at $24,786,000 after buying an additional 22,300 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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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