Truist Financial Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its target price cut by Truist Financial from $225.00 to $200.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research firms have also issued reports on MTB. Barclays reduced their target price on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a report on Tuesday. Wells Fargo & Company decreased their price target on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a report on Tuesday. Citigroup dropped their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Evercore ISI cut their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Robert W. Baird lowered their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $208.14.

M&T Bank Trading Up 0.6 %

Shares of M&T Bank stock opened at $159.47 on Tuesday. The business has a fifty day simple moving average of $179.62 and a 200-day simple moving average of $191.54. M&T Bank has a fifty-two week low of $136.18 and a fifty-two week high of $225.70. The firm has a market cap of $26.20 billion, a price-to-earnings ratio of 10.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly 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 business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $3.09 earnings per share. On average, equities 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 approved a share repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.39%. M&T Bank’s payout ratio is 36.91%.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wood Tarver Financial Group LLC bought a new stake in M&T Bank in the 4th quarter valued at $29,000. Banque Transatlantique SA bought a new stake in M&T Bank in the fourth quarter valued at about $38,000. Y.D. More Investments Ltd increased its stake in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC acquired a new position in M&T Bank in the fourth quarter worth about $44,000. Finally, Sierra Ocean LLC bought a new position in M&T Bank during the fourth quarter worth about $44,000. 84.68% of the stock is owned by 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.