Morgan Stanley Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its target price cut by equities research analysts at Morgan Stanley from $269.00 to $253.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 44.00% from the company’s previous close.

A number of other research firms have also weighed in on MTB. Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler boosted their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $222.03.

M&T Bank Trading Up 3.1 %

Shares of M&T Bank stock opened at $175.69 on Thursday. M&T Bank has a 12-month low of $133.03 and a 12-month high of $225.70. The stock has a market cap of $28.86 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.38 and a beta of 0.74. 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 business’s 50 day moving average is $192.44 and its 200-day moving average is $191.83.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company posted $2.74 EPS. Equities research analysts predict 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 share repurchase plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

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

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently modified their holdings of MTB. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank during the 4th quarter worth $29,000. Plato Investment Management Ltd lifted its position in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of M&T Bank during the 3rd quarter worth $32,000. Banque Transatlantique SA bought a new position in M&T Bank in the fourth quarter valued at about $38,000. Finally, Y.D. More Investments Ltd raised its position in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 114 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

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