UBS Group Cuts M&T Bank (NYSE:MTB) Price Target to $225.00

M&T Bank (NYSE:MTB) had its price target lowered by UBS Group from $230.00 to $225.00 in a research note issued to investors on Tuesday,MarketScreener reports. The firm presently has a “neutral” rating on the financial services provider’s stock. UBS Group’s price target indicates a potential upside of 2.83% from the company’s previous close.

Other analysts also recently issued reports about the company. Royal Bank Of Canada increased their price target on M&T Bank from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, January 16th. JPMorgan Chase & Co. reduced their price objective on M&T Bank from $244.50 to $231.50 and set a “neutral” rating for the company in a research note on Tuesday. Jefferies Financial Group raised their target price on M&T Bank from $250.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley lowered their target price on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, TD Cowen reissued a “buy” rating on shares of M&T Bank in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average price target of $230.24.

M&T Bank Stock Up 3.2%

M&T Bank stock traded up $6.80 during midday trading on Tuesday, hitting $218.82. 23,739 shares of the stock were exchanged, compared to its average volume of 1,266,698. M&T Bank has a 52-week low of $152.66 and a 52-week high of $239.00. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average price is $216.07 and its 200-day moving average price is $203.12. The stock has a market capitalization of $32.60 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 EPS for the quarter, beating the consensus estimate of $4.47 by $0.25. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the business posted $3.77 EPS. On average, research analysts expect 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 plan on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 887 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total value of $191,405.73. Following the sale, the insider owned 16,446 shares of the company’s stock, valued at $3,548,882.34. The trade was a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kirk W. Walters sold 909 shares of M&T Bank stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total transaction of $206,679.33. Following the completion of the transaction, the director owned 5,976 shares of the company’s stock, valued at $1,358,763.12. This represents a 13.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 49,092 shares of company stock worth $11,182,250. Insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC lifted its holdings in M&T Bank by 11.9% during the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after purchasing an additional 362 shares in the last quarter. Woodline Partners LP boosted its stake in M&T Bank by 40.7% in the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after purchasing an additional 4,054 shares during the period. EverSource Wealth Advisors LLC grew its holdings in M&T Bank by 41.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,386 shares of the financial services provider’s stock valued at $269,000 after buying an additional 404 shares in the last quarter. Gamco Investors INC. ET AL increased its position in shares of M&T Bank by 0.3% during the second quarter. Gamco Investors INC. ET AL now owns 20,489 shares of the financial services provider’s stock valued at $3,975,000 after buying an additional 67 shares during the period. Finally, Lazard Asset Management LLC increased its position in shares of M&T Bank by 24.6% during the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $562,000 after buying an additional 572 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.