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

M&T Bank (NYSE:MTB) had its price target reduced by research analysts at Wells Fargo & Company from $205.00 to $185.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.26% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on MTB. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley dropped their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Truist Financial restated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Finally, Compass Point increased their price target on 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 investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $216.62.

M&T Bank Stock Down 7.5 %

M&T Bank stock traded down $13.44 during mid-day trading on Friday, reaching $166.27. The stock had a trading volume of 685,949 shares, compared to its average volume of 1,089,557. The stock’s 50-day simple moving average is $188.33 and its 200-day simple moving average is $192.86. The firm has a market capitalization of $27.32 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. 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 (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (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 in the prior year, the firm earned $2.74 EPS. On average, sell-side analysts forecast that M&T Bank will post 16.57 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently bought and sold shares of MTB. Marcum Wealth LLC increased its position in shares of M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 57 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in M&T Bank by 4.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 4,585 shares of the financial services provider’s stock valued at $820,000 after purchasing an additional 185 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in M&T Bank by 100.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 32,686 shares of the financial services provider’s stock worth $6,145,000 after purchasing an additional 16,380 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of M&T Bank in the fourth quarter valued at $43,101,000. Finally, Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at $29,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.