Wells Fargo & Company Cuts M&T Bank (NYSE:MTB) Price Target to $185.00

M&T Bank (NYSE:MTB - Get Free Report) had its price target dropped by stock analysts at Wells Fargo & Company from $205.00 to $185.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's target price would indicate a potential upside of 4.67% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Citigroup dropped their target price 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. Evercore ISI decreased their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. DA Davidson upped their target price on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Finally, Compass Point lifted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, M&T Bank presently has an average rating of "Hold" and a consensus target price of $218.79.

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M&T Bank Stock Performance

Shares of NYSE:MTB traded down $2.00 during trading on Friday, hitting $176.75. 381,349 shares of the stock were exchanged, compared to its average volume of 1,087,514. The company has a market capitalization of $29.04 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth 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 has a 1-year low of $133.03 and a 1-year high of $225.70. The company's fifty day simple moving average is $189.08 and its 200-day simple moving average is $192.90.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts' consensus estimates 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 last year, the company earned $2.74 EPS. Sell-side analysts expect that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its board has approved a share buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade 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 currently owned by insiders.

Institutional Trading of M&T Bank

A number of large investors have recently made changes to their positions in MTB. Hennion & Walsh Asset Management Inc. boosted its stake in shares of M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock valued at $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock valued at $515,000 after acquiring an additional 1,295 shares in the last quarter. US Bancorp DE boosted its position in M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock valued at $1,576,000 after acquiring an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC bought a new position in shares of M&T Bank in the 4th quarter worth $290,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth $297,000. 84.68% of the stock is 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.