M&T Bank (NYSE:MTB) Price Target Cut to $220.00 by Analysts at Barclays

M&T Bank (NYSE:MTB) had its target price cut by Barclays from $235.00 to $220.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on MTB. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. DA Davidson dropped their price target on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Tuesday. Truist Financial decreased their price objective on M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a report on Friday, April 4th. JPMorgan Chase & Co. dropped their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Finally, Morgan Stanley lowered their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $208.14.

M&T Bank Trading Up 0.6 %

Shares of M&T Bank stock opened at $159.47 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a fifty day simple moving average of $179.62 and a 200 day simple moving average of $191.54. M&T Bank has a 12-month low of $136.18 and a 12-month high of $225.70. The company has a market capitalization of $26.20 billion, a P/E ratio of 10.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the business posted $3.09 EPS. On average, sell-side analysts anticipate that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.39%. M&T Bank’s payout ratio is 36.91%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds have recently added to or reduced their stakes in the business. Sapient Capital LLC increased its holdings in shares of M&T Bank by 0.4% in the first quarter. Sapient Capital LLC now owns 185,054 shares of the financial services provider’s stock worth $33,078,000 after buying an additional 767 shares during the period. Fifth Third Bancorp increased its stake in M&T Bank by 4.1% in the 1st quarter. Fifth Third Bancorp now owns 9,851 shares of the financial services provider’s stock worth $1,761,000 after purchasing an additional 391 shares during the period. SG Americas Securities LLC lifted its position in M&T Bank by 130.4% in the first quarter. SG Americas Securities LLC now owns 9,703 shares of the financial services provider’s stock valued at $1,734,000 after purchasing an additional 5,492 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of M&T Bank by 3.9% during the first quarter. GAMMA Investing LLC now owns 3,948 shares of the financial services provider’s stock valued at $706,000 after purchasing an additional 148 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in shares of M&T Bank by 3.8% in the first quarter. Farther Finance Advisors LLC now owns 2,726 shares of the financial services provider’s stock worth $481,000 after purchasing an additional 99 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.