Citigroup Lowers M&T Bank (NYSE:MTB) Price Target to $195.00

M&T Bank (NYSE:MTB) had its price target lowered by Citigroup from $230.00 to $195.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price points to a potential upside of 7.14% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Morgan Stanley lowered their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Compass Point lifted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $219.97.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $3.76 during trading on Monday, reaching $182.01. 123,954 shares of the stock traded hands, compared to its average volume of 1,046,309. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The company has a market capitalization of $29.90 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank has a 52-week low of $133.03 and a 52-week high of $225.70. The business has a fifty day simple moving average of $190.99 and a two-hundred day simple moving average of $192.35.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the business posted $2.74 EPS. Sell-side analysts expect that M&T Bank will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has approved a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at M&T Bank

In other 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 transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC grew its position in shares of M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of M&T Bank by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock valued at $183,000 after acquiring an additional 53 shares during the last quarter. Catalina Capital Group LLC raised its holdings in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 60 shares in the last quarter. Finally, Forum Financial Management LP boosted its stake in shares of M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock worth $540,000 after acquiring an additional 62 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.