Royal Bank of Canada Cuts M&T Bank (NYSE:MTB) Price Target to $200.00

M&T Bank (NYSE:MTB) had its price target reduced by Royal Bank of Canada from $208.00 to $200.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 25.91% from the company’s previous close.

MTB has been the subject of several other research reports. Citigroup dropped their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Wells Fargo & Company dropped their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a report on Tuesday. Robert W. Baird cut their target price on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $208.14.

M&T Bank Stock Down 0.5 %

Shares of MTB opened at $158.84 on Tuesday. 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 stock has a market capitalization of $26.10 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank has a 1 year low of $137.76 and a 1 year high of $225.70. The business’s 50 day simple moving average is $178.78 and its 200-day simple moving average is $191.32.

M&T Bank (NYSE:MTB) last released its quarterly earnings results 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 net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the company earned $3.09 EPS. As a group, equities analysts expect that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a stock repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

Large investors have recently bought and sold shares of the business. Sanctuary Advisors LLC boosted its position in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after acquiring an additional 52 shares in the last quarter. Quadrant Capital Group LLC boosted its position in 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 purchasing an additional 53 shares in the last quarter. Catalina Capital Group LLC grew its stake in M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Marcum Wealth LLC raised its holdings in M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 57 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of M&T Bank by 1.7% during the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after buying an additional 60 shares during the last quarter. Institutional investors 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.