DA Davidson Cuts M&T Bank (NYSE:MTB) Price Target to $189.00

M&T Bank (NYSE:MTB) had its price target decreased by investment analysts at DA Davidson from $205.00 to $189.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective suggests a potential upside of 19.35% from the stock’s previous close.

MTB has been the subject of several other reports. Barclays boosted their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Robert W. Baird decreased their price objective on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday. Truist Financial reduced their price target on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Evercore ISI lowered 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 research report on Thursday, March 13th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $213.19.

M&T Bank Trading Up 0.3 %

NYSE:MTB opened at $158.36 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank has a one year low of $136.18 and a one year high of $225.70. The business’s 50-day simple moving average is $180.47 and its 200 day simple moving average is $191.77. The stock has a market cap of $26.02 billion, a price-to-earnings ratio of 10.82, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

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

M&T Bank declared that its board has initiated a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

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

Institutional Investors Weigh In On M&T Bank

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MML Investors Services LLC increased its stake in M&T Bank by 13.4% in the 3rd quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider’s stock worth $1,220,000 after purchasing an additional 809 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of M&T Bank in the third quarter worth about $332,000. Barclays PLC increased its position in shares of M&T Bank by 11.9% in the third quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after acquiring an additional 61,375 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of M&T Bank by 14.7% during the third quarter. Sanctuary Advisors LLC now owns 15,767 shares of the financial services provider’s stock valued at $2,808,000 after acquiring an additional 2,018 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after acquiring an additional 6,205 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

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.