M&T Bank (NYSE:MTB) Stock Gets Price Target Reduction from Morgan Stanley

M&T Bank (NYSE:MTB) had its target price lowered by Morgan Stanley from $301.00 to $294.00 in a report released on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

MTB has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price objective on shares of M&T Bank from $265.50 to $248.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Royal Bank Of Canada cut their price objective on shares of M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Monday. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Truist Financial lowered their target price on shares of M&T Bank from $268.00 to $250.00 and set a “hold” rating on the stock in a report on Wednesday, September 23rd. Finally, Jefferies Financial Group lowered their target price on shares of M&T Bank from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $247.12.

M&T Bank Stock Up 0.7%

MTB opened at $219.82 on Monday. M&T Bank has a fifty-two week low of $179.32 and a fifty-two week high of $255.95. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $31.75 billion, a P/E ratio of 11.30, a P/E/G ratio of 1.27 and a beta of 0.61. The stock has a fifty day moving average of $229.88 and a 200-day moving average of $228.89.

M&T Bank (NYSE:MTB) last announced its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. During the same quarter in the previous year, the business posted $4.82 earnings per share. On average, equities analysts expect that M&T Bank will post 19.48 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio is 31.32%.

Insider Buying and Selling at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the transaction, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. The trade was a 14.58% 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. Also, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at $24,851,949.85. This represents a 15.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 20,028 shares of company stock worth $4,794,884. 0.44% of the stock is currently owned by insiders.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently made changes to their positions in MTB. Bank of New York Mellon Corp acquired a new stake in shares of M&T Bank during the 2nd quarter worth approximately $330,978,000. Davis Asset Management L.P. acquired a new position in M&T Bank during the second quarter valued at approximately $97,584,000. Squarepoint Ops LLC raised its position in M&T Bank by 718.5% during the second quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider’s stock valued at $53,409,000 after purchasing an additional 196,982 shares in the last quarter. Danske Bank A S acquired a new position in M&T Bank during the second quarter valued at approximately $34,683,000. Finally, Susquehanna Fundamental Investments LLC lifted its stake in M&T Bank by 205.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider’s stock worth $26,313,000 after purchasing an additional 74,353 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.