M&T Bank (NYSE:MTB) Given New $253.00 Price Target at Morgan Stanley

M&T Bank (NYSE:MTB - Get Free Report) had its price objective cut by Morgan Stanley from $269.00 to $253.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Morgan Stanley's target price would indicate a potential upside of 47.23% from the stock's current price.

Several other equities research analysts also recently issued reports on MTB. Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. The Goldman Sachs Group upped their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an "underweight" rating in a research report on Friday, November 15th. Finally, Barclays upped their price objective on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $222.03.

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M&T Bank Trading Down 0.1 %

MTB traded down $0.23 on Thursday, hitting $171.84. The company had a trading volume of 462,091 shares, compared to its average volume of 1,304,423. The company's fifty day moving average price is $193.13 and its 200 day moving average price is $191.92. M&T Bank has a 1 year low of $133.03 and a 1 year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a market cap of $28.23 billion, a P/E ratio of 11.74, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 last year, the company posted $2.74 EPS. As a group, equities analysts expect that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has authorized a stock buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MTB. FMR LLC grew its position in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares during the last quarter. Norges Bank acquired a new stake in M&T Bank during the 4th quarter worth $317,690,000. State Street Corp grew its position in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Nuveen Asset Management LLC increased its stake in M&T Bank by 22.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after purchasing an additional 286,049 shares during the period. Finally, D. E. Shaw & Co. Inc. purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $48,939,000. Hedge funds and other 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.

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