Citigroup Cuts M&T Bank (NYSE:MTB) Price Target to $195.00

M&T Bank (NYSE:MTB) had its price target decreased by analysts at Citigroup from $230.00 to $195.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price target suggests a potential upside of 7.14% from the stock’s current price.

A number of other equities research analysts have also weighed in on MTB. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Morgan Stanley dropped their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI cut their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $219.97.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $3.76 during trading on Monday, hitting $182.01. 123,954 shares of the stock traded hands, compared to its average volume of 1,046,309. The firm’s fifty day moving average is $190.99 and its 200-day moving average is $192.35. The stock has a market cap of $29.90 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the business posted $2.74 earnings per share. Research analysts expect that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MTB. Hennion & Walsh Asset Management Inc. grew its stake in shares of M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock valued at $1,473,000 after acquiring an additional 2,018 shares during the period. Flagship Harbor Advisors LLC boosted its position in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 1,295 shares during the period. US Bancorp DE increased its stake in shares of M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC purchased a new position in shares of M&T Bank during the 4th quarter valued at $290,000. Finally, Valeo Financial Advisors LLC bought a new position in M&T Bank in the 4th quarter worth $297,000. 84.68% of the stock is currently 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.