Wells Fargo & Company Cuts M&T Bank (NYSE:MTB) Price Target to $175.00

M&T Bank (NYSE:MTB) had its price target trimmed by Wells Fargo & Company from $185.00 to $175.00 in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has an underweight rating on the financial services provider’s stock.

MTB has been the subject of a number of other research reports. Morgan Stanley dropped their target price on 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. Evercore ISI lowered their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Truist Financial lowered their price target on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Finally, DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and an average target price of $208.14.

M&T Bank Price Performance

MTB stock opened at $160.09 on Tuesday. The firm has a 50 day simple moving average of $178.03 and a two-hundred day simple moving average of $191.19. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market cap of $26.30 billion, a PE ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank has a one year low of $138.38 and a one year high of $225.70.

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

M&T Bank declared that its board has initiated a share buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.37%. M&T Bank’s dividend payout ratio is 36.17%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. increased its stake in shares of M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC lifted its holdings in shares of M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 1,295 shares during the last quarter. US Bancorp DE boosted its position in shares of M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of M&T Bank in the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC bought a new position in M&T Bank during the 4th quarter valued at approximately $297,000. 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.