Morgan Stanley Cuts M&T Bank (NYSE:MTB) Price Target to $301.00

M&T Bank (NYSE:MTB) had its price objective reduced by Morgan Stanley from $304.00 to $301.00 in a research note released on Monday, Marketbeat reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the stock. Truist Financial decreased their price objective on shares of M&T Bank from $268.00 to $250.00 and set a “hold” rating for the company in a report on Wednesday, September 23rd. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, July 16th. DA Davidson boosted their target price on shares of M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. UBS Group increased their target price on shares of M&T Bank from $252.00 to $255.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Finally, Cantor Fitzgerald raised their price target on shares of M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $253.68.

M&T Bank Stock Up 0.2%

Shares of NYSE:MTB opened at $217.87 on Monday. The company has a market capitalization of $31.46 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.23 and a beta of 0.56. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $239.61 and a two-hundred day moving average price of $227.23. M&T Bank has a 1 year low of $174.76 and a 1 year high of $255.95.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same period in the previous year, the business posted $4.28 EPS. Analysts forecast that M&T Bank will post 19.45 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.8%. M&T Bank’s dividend payout ratio (DPR) is 31.68%.

Insider Transactions at M&T Bank

In other M&T Bank news, CEO René Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 20,028 shares of company stock worth $4,794,884 over the last 90 days. 0.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in M&T Bank in the 2nd quarter valued at approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after acquiring an additional 26,486 shares in the last quarter. Davis Asset Management L.P. purchased a new stake in shares of M&T Bank during the second quarter worth $97,584,000. Hsbc Holdings PLC boosted its holdings in shares of M&T Bank by 18.9% in the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after acquiring an additional 62,877 shares during the period. Finally, Amundi boosted its holdings in shares of M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after acquiring an additional 27,795 shares during the period. 84.68% of the stock is owned by institutional investors.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.