M&T Bank (NYSE:MTB) Receives Outperform Rating from Royal Bank of Canada

M&T Bank (NYSE:MTB)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a report released on Monday,Benzinga reports. They presently have a $200.00 price objective on the financial services provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 6.39% from the stock’s previous close.

A number of other brokerages also recently issued reports on MTB. Morgan Stanley decreased their price target 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. JPMorgan Chase & Co. decreased their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Piper Sandler decreased their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company cut their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.33.

M&T Bank Trading Up 0.1%

M&T Bank stock traded up $0.26 during mid-day trading on Monday, hitting $187.99. The company’s stock had a trading volume of 347,752 shares, compared to its average volume of 1,133,754. The firm has a market capitalization of $30.18 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank has a 1 year low of $139.78 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 stock’s fifty day moving average is $171.22 and its two-hundred day moving average is $189.23.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the business posted $3.09 earnings per share. On average, analysts anticipate that M&T Bank will post 16.57 EPS for the current year.

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

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 stock was 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 $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On M&T Bank

Several hedge funds have recently made changes to their positions in MTB. Barclays PLC raised its position in shares of M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after buying an additional 61,375 shares during the period. Park Avenue Securities LLC raised its position in shares of M&T Bank by 14.1% in the 4th quarter. Park Avenue Securities LLC now owns 6,547 shares of the financial services provider’s stock worth $1,231,000 after buying an additional 807 shares during the period. Ritholtz Wealth Management raised its position in shares of M&T Bank by 21.3% in the 4th quarter. Ritholtz Wealth Management now owns 4,484 shares of the financial services provider’s stock worth $843,000 after buying an additional 787 shares during the period. Merit Financial Group LLC raised its position in shares of M&T Bank by 46.0% in the 4th quarter. Merit Financial Group LLC now owns 1,889 shares of the financial services provider’s stock worth $355,000 after buying an additional 595 shares during the period. Finally, HB Wealth Management LLC increased its position in shares of M&T Bank by 6.8% in the fourth quarter. HB Wealth Management LLC now owns 2,672 shares of the financial services provider’s stock worth $502,000 after acquiring an additional 170 shares in the last quarter. Institutional investors and hedge funds 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.