Truist Financial Lowers M&T Bank (NYSE:MTB) Price Target to $225.00

M&T Bank (NYSE:MTB) had its price target decreased by equities research analysts at Truist Financial from $236.00 to $225.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 44.85% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Evercore ISI cut their price objective on 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. Citigroup decreased their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Compass Point upped their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday. Finally, DA Davidson lifted their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $215.97.

M&T Bank Stock Performance

MTB stock traded down $8.03 during midday trading on Friday, reaching $155.33. The stock had a trading volume of 891,298 shares, compared to its average volume of 1,383,768. The firm has a fifty day simple moving average of $187.65 and a two-hundred day simple moving average of $192.65. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a market cap of $25.52 billion, a PE ratio of 10.62, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank has a 52-week low of $133.03 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB) last released 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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the company posted $2.74 EPS. As a group, equities research analysts anticipate that M&T Bank will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a stock buyback 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its holdings in shares of M&T Bank by 94.7% in the first quarter. Versant Capital Management Inc now owns 1,067 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 519 shares in the last quarter. Marcum Wealth LLC raised its stake in shares of M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after buying an additional 57 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of M&T Bank by 4.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 4,585 shares of the financial services provider’s stock valued at $820,000 after buying an additional 185 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in M&T Bank by 100.5% in 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 acquiring an additional 16,380 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of M&T Bank during the 4th quarter worth $43,101,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

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.