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

M&T Bank (NYSE:MTB - Get Free Report) had its target price lowered by stock analysts at Citigroup from $230.00 to $195.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm presently has a "neutral" rating on the financial services provider's stock. Citigroup's price objective suggests a potential upside of 11.37% from the company's current price.

Several other research analysts have also issued reports on MTB. Morgan Stanley dropped their price target on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Truist Financial reiterated a "buy" rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Piper Sandler boosted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Barclays lifted their price objective on M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $218.79.

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M&T Bank Stock Down 2.5 %

Shares of M&T Bank stock traded down $4.58 during midday trading on Monday, reaching $175.09. 220,449 shares of the company's stock traded hands, compared to its average volume of 1,382,613. M&T Bank has a 52 week low of $133.03 and a 52 week high of $225.70. The company's 50 day simple moving average is $189.87 and its 200 day simple moving average is $192.40. 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 company has a market cap of $28.77 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the business earned $2.74 earnings per share. Equities analysts expect that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 10,751 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Insiders own 0.53% of the company's stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wood Tarver Financial Group LLC acquired a new position in M&T Bank during the fourth quarter worth about $29,000. Banque Transatlantique SA bought a new position in shares of M&T Bank in the 4th quarter valued at $38,000. Y.D. More Investments Ltd lifted its holdings in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after buying an additional 114 shares during the period. Human Investing LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at about $44,000. Finally, Sierra Ocean LLC bought a new stake in M&T Bank in the fourth quarter worth approximately $44,000. Institutional investors own 84.68% of the company's stock.

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.