M&T Bank (NYSE:MTB) Price Target Cut to $294.00 by Analysts at Morgan Stanley

M&T Bank (NYSE:MTB) had its price target decreased by equities researchers at Morgan Stanley from $301.00 to $294.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 38.19% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Jefferies Financial Group decreased their price objective on M&T Bank from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Royal Bank Of Canada lowered their target price on M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday. Raymond James Financial assumed coverage on shares of M&T Bank in a research note on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price target for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a report on Tuesday, September 1st. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $247.60.

M&T Bank Trading Down 1.2%

Shares of NYSE:MTB traded down $2.52 during midday trading on Monday, hitting $212.76. The company had a trading volume of 388,098 shares, compared to its average volume of 1,123,906. The stock has a market cap of $30.73 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 1.21 and a beta of 0.61. The firm has a fifty day simple moving average of $231.97 and a 200 day simple moving average of $228.72. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54. M&T Bank has a 12 month low of $179.32 and a 12 month high of $255.95.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter in the prior year, the firm earned $4.82 earnings per share. On average, analysts predict that M&T Bank will post 19.42 EPS for the current year.

Insider Activity

In other news, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares of the company’s stock, valued at approximately $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 can be accessed 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 that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director owned 3,649 shares in the company, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 20,028 shares of company stock worth $4,794,884. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently modified their holdings of MTB. Bank of New York Mellon Corp acquired a new stake in M&T Bank in the second quarter valued at approximately $330,978,000. Davis Asset Management L.P. bought a new stake in shares of M&T Bank during the second quarter worth $97,584,000. Squarepoint Ops LLC increased its holdings in shares of 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 worth $53,409,000 after buying an additional 196,982 shares in the last quarter. Danske Bank A S acquired a new position in shares of M&T Bank during the second quarter worth $34,683,000. Finally, Susquehanna Fundamental Investments LLC increased its holdings in shares of 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 buying an additional 74,353 shares in 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.