M&T Bank (NYSE:MTB) Given New $210.00 Price Target at Piper Sandler

M&T Bank (NYSE:MTB) had its price target trimmed by Piper Sandler from $220.00 to $210.00 in a research note released on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

MTB has been the topic of several other reports. Morgan Stanley lowered their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada decreased their price target on shares of M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Robert W. Baird reduced their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. reduced their target price on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $208.14.

M&T Bank Stock Up 0.8 %

M&T Bank stock opened at $160.09 on Tuesday. M&T Bank has a 12 month low of $138.38 and a 12 month high of $225.70. The stock has a fifty day simple moving average of $178.03 and a two-hundred day simple moving average of $191.19. The firm has a market cap of $26.30 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 1.38 and a beta of 0.58. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share 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 company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the firm posted $3.09 earnings per share. Equities analysts predict that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

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

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

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTB. Grove Bank & Trust raised its position in M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock worth $40,000 after buying an additional 114 shares during the last quarter. QRG Capital Management Inc. grew its holdings in M&T Bank by 7.2% in the first quarter. QRG Capital Management Inc. now owns 2,868 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 193 shares during the period. Janney Montgomery Scott LLC increased its holdings in M&T Bank by 1.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 86,078 shares of the financial services provider’s stock worth $15,386,000 after acquiring an additional 1,605 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in M&T Bank by 53.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider’s stock valued at $94,000 after buying an additional 184 shares in the last quarter. Finally, Cornell Pochily Investment Advisors Inc. lifted its position in shares of M&T Bank by 23.4% in the first quarter. Cornell Pochily Investment Advisors Inc. now owns 1,555 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 295 shares in the last quarter. Hedge funds and other 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.