Royal Bank Of Canada Forecasts Strong Price Appreciation for M&T Bank (NYSE:MTB) Stock

Key Points

• Royal Bank of Canada raised its price target on M&T Bank from $225 to $230 and kept an outperform rating, implying only modest upside from the prior close.
• Analyst sentiment is mixed overall: while several firms have bullish ratings and higher targets, the broader consensus remains Hold with an average price target of $235.58.
• M&T Bank reported better-than-expected quarterly earnings of $4.18 per share and also launched a $5 billion share repurchase program, which may signal management sees the stock as undervalued.

M&T Bank (NYSE:MTB - Get Free Report) had its target price hoisted by analysts at Royal Bank Of Canada from $225.00 to $230.00 in a research note issued on Tuesday,MarketScreener reports. The firm currently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 0.75% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. 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 report on Thursday, April 16th. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Saturday. Cantor Fitzgerald decreased their target price on shares of 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. Argus boosted their price target on M&T Bank from $230.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of M&T Bank in a research report on Thursday, June 4th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of "Hold" and a consensus price target of $235.58.

M&T Bank Trading Up 0.2%

Shares of NYSE:MTB traded up $0.55 during midday trading on Tuesday, hitting $228.28. The company had a trading volume of 78,087 shares, compared to its average volume of 1,160,709. M&T Bank has a 12 month low of $174.76 and a 12 month high of $239.00. The firm has a fifty day simple moving average of $217.34 and a 200 day simple moving average of $214.06. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The stock has a market cap of $33.43 billion, a price-to-earnings ratio of 12.77, a PEG 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 analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.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, analysts predict that M&T Bank will post 18.81 EPS for the current year.

M&T Bank announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.44% of the company's stock.

Institutional Trading of M&T Bank

Large investors have recently bought and sold shares of the business. Commonwealth Retirement Investments LLC boosted its stake in shares of M&T Bank by 0.4% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 44 shares in the last quarter. Ransom Advisory Ltd increased its position in M&T Bank by 2.0% during the 4th quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider's stock valued at $506,000 after purchasing an additional 50 shares during the period. Wedbush Securities Inc. raised its stake in M&T Bank by 2.4% during the fourth quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider's stock worth $448,000 after buying an additional 52 shares during the last quarter. Bank of Jackson Hole Trust raised its position in shares of M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock worth $43,000 after acquiring an additional 60 shares in the last quarter. Finally, Thoroughbred Financial Services LLC increased its holdings in M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider's stock worth $698,000 after purchasing an additional 70 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.