M&T Bank (NYSE:MTB) Given New $185.00 Price Target at Wells Fargo & Company

M&T Bank (NYSE:MTB) had its price target cut by Wells Fargo & Company from $205.00 to $185.00 in a research note released on Friday,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Morgan Stanley decreased their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Truist Financial restated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average target price of $218.79.

M&T Bank Stock Performance

Shares of MTB stock opened at $175.21 on Friday. M&T Bank has a 52 week low of $133.03 and a 52 week high of $225.70. The firm’s 50-day simple moving average is $189.44 and its two-hundred day simple moving average is $192.44. The firm has a market cap of $28.78 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. 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 (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the business earned $2.74 EPS. As a group, equities analysts forecast that M&T Bank will post 16.57 earnings per share for the current year.

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

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in M&T Bank by 100.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 32,686 shares of the financial services provider’s stock worth $6,145,000 after purchasing an additional 16,380 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in M&T Bank in the 4th quarter worth approximately $43,101,000. Wood Tarver Financial Group LLC purchased a new stake in M&T Bank in the fourth quarter worth approximately $29,000. Siemens Fonds Invest GmbH grew its position in M&T Bank by 78.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 3,202 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 1,412 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $101,000. Institutional investors own 84.68% of the company’s stock.

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.