Wells Fargo & Company Issues Pessimistic Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target cut by stock analysts at Wells Fargo & Company from $185.00 to $175.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 7.84% from the stock’s current price.

Several other research firms have also weighed in on MTB. Evercore ISI lowered 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 note on Thursday, March 13th. Morgan Stanley lowered their price target 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. Truist Financial cut their price objective on M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, April 4th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, DA Davidson cut their price target on M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a report 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $211.81.

M&T Bank Stock Up 2.4 %

MTB traded up $3.77 on Tuesday, hitting $162.27. 264,390 shares of the company were exchanged, compared to its average volume of 1,415,484. The stock’s fifty day moving average is $180.47 and its 200-day moving average is $191.77. M&T Bank has a 12 month low of $136.18 and a 12 month 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. The company has a market cap of $26.66 billion, a PE ratio of 11.09, a PEG ratio of 1.38 and a beta of 0.58.

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

M&T Bank announced that its board has authorized a share repurchase plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board 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 firm’s 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 transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is currently owned by insiders.

Institutional Trading of M&T Bank

Several large investors have recently made changes to their positions in MTB. Hennion & Walsh Asset Management Inc. boosted its holdings 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 valued at $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC boosted its stake in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after buying an additional 1,295 shares in the last quarter. US Bancorp DE grew its position in M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock valued at $1,576,000 after acquiring an additional 1,639 shares during the last quarter. Summit Trail Advisors LLC acquired a new position in M&T Bank during the fourth quarter worth about $290,000. Finally, Valeo Financial Advisors LLC bought a new position in shares of M&T Bank in the fourth quarter worth about $297,000. Institutional investors and hedge funds 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.