Cantor Fitzgerald Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target cut by research analysts at Cantor Fitzgerald from $285.00 to $255.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 16.95% from the stock’s current price.

A number of other analysts have also recently commented on MTB. Wells Fargo & Company upped their price objective on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. DA Davidson lifted their price objective on shares of M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price on the stock. in a research report on Thursday, July 23rd. TD Cowen began coverage on shares of M&T Bank in a research note on Thursday, October 8th. They set a “hold” rating and a $245.00 price target on the stock. Finally, Raymond James Financial started coverage on M&T Bank in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $250.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $248.79.

M&T Bank Price Performance

Shares of MTB opened at $218.05 on Wednesday. The company has a market capitalization of $31.49 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61. The firm has a 50 day moving average of $234.01 and a 200 day moving average of $228.42. M&T Bank has a twelve month low of $174.76 and a twelve month high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the business earned $4.28 earnings per share. As a group, equities research analysts anticipate that M&T Bank will post 19.42 earnings per share for the current fiscal year.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, CEO René Jones sold 19,396 shares of M&T Bank stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the sale, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,028 shares of company stock worth $4,794,884 over the last 90 days. 0.44% of the stock is currently owned by company insiders.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank in the 2nd quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after acquiring an additional 26,486 shares during the last quarter. Davis Asset Management L.P. purchased a new stake in M&T Bank during the second quarter valued at approximately $97,584,000. Hsbc Holdings PLC lifted its position in M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after acquiring an additional 62,877 shares during the last quarter. Finally, Amundi boosted its stake in M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after acquiring an additional 27,795 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.