Truist Financial Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its target price lowered by Truist Financial from $225.00 to $200.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other equities analysts also recently commented on MTB. Royal Bank of Canada cut their price objective on M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday. Robert W. Baird reduced their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday. Morgan Stanley lowered their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company decreased their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $208.14.

M&T Bank Stock Up 0.8 %

Shares of NYSE:MTB opened at $160.09 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $26.30 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank has a 52-week low of $138.38 and a 52-week high of $225.70. The stock’s fifty day simple moving average is $178.03 and its 200-day simple moving average is $191.19.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the firm earned $3.09 EPS. As a group, equities research analysts forecast that M&T Bank will post 16.57 earnings per share for the current fiscal year.

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

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.17%.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value 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 trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

A number of large investors have recently modified their holdings of MTB. MML Investors Services LLC grew its position in M&T Bank by 13.4% in the 3rd quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider’s stock worth $1,220,000 after purchasing an additional 809 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of M&T Bank during the third quarter worth approximately $332,000. Barclays PLC grew its holdings in M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after buying an additional 61,375 shares in the last quarter. Sanctuary Advisors LLC increased its position in M&T Bank by 14.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 15,767 shares of the financial services provider’s stock valued at $2,808,000 after acquiring an additional 2,018 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its position in M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after acquiring an additional 6,205 shares during the period. 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.