Morgan Stanley Lowers M&T Bank (NYSE:MTB) Price Target to $245.00

M&T Bank (NYSE:MTB) had its price target reduced by stock analysts at Morgan Stanley from $271.00 to $245.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 18.03% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Citigroup raised their price objective on shares of M&T Bank from $215.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday, January 2nd. Truist Financial set a $230.00 price target on shares of M&T Bank in a research note on Tuesday, January 20th. Piper Sandler raised their price target on shares of M&T Bank from $225.00 to $235.00 in a report on Friday, January 16th. TD Cowen reaffirmed a “buy” rating on shares of M&T Bank in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of M&T Bank in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $231.50.

M&T Bank Stock Up 3.2%

NYSE MTB traded up $6.45 on Tuesday, reaching $207.58. The stock had a trading volume of 738,047 shares, compared to its average volume of 1,279,488. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41. M&T Bank has a 1 year low of $150.75 and a 1 year high of $239.00. The business has a 50 day moving average price of $216.73 and a 200 day moving average price of $202.63. The company has a market capitalization of $30.93 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.95 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.25. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same period last year, the business earned $3.77 EPS. On average, analysts forecast that M&T Bank will post 16.57 EPS for the current fiscal year.

Insider Activity

In related news, Director John P. Barnes sold 21,193 shares of the firm’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $235.85, for a total value of $4,998,369.05. Following the transaction, the director directly owned 15,142 shares in the company, valued at approximately $3,571,240.70. This trade represents a 58.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Gary N. Geisel sold 887 shares of M&T Bank stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total transaction of $191,405.73. Following the completion of the transaction, the insider owned 16,446 shares in the company, valued at $3,548,882.34. This trade represents a 5.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 49,092 shares of company stock valued at $11,182,250. 0.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On M&T Bank

Large investors have recently made changes to their positions in the business. Canoe Financial LP grew its position in M&T Bank by 46.8% during the third quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock worth $85,704,000 after buying an additional 138,173 shares in the last quarter. LSV Asset Management increased its stake in M&T Bank by 19.9% during the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock valued at $67,665,000 after acquiring an additional 56,750 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its holdings in M&T Bank by 120.3% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider’s stock valued at $3,542,000 after acquiring an additional 9,788 shares in the last quarter. Plato Investment Management Ltd lifted its position in shares of M&T Bank by 54.3% in the 3rd quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider’s stock worth $1,618,000 after acquiring an additional 2,905 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of M&T Bank by 19.1% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,731 shares of the financial services provider’s stock worth $17,140,000 after acquiring an additional 13,889 shares during the period. Institutional investors and hedge funds 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.