M&T Bank (NYSE:MTB) Price Target Cut to $195.00 by Analysts at Citigroup

M&T Bank (NYSE:MTB) had its price objective lowered by Citigroup from $230.00 to $195.00 in a report released on Monday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on the company. Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Morgan Stanley reduced 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 upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and a consensus price target of $219.97.

M&T Bank Stock Up 2.4 %

NYSE:MTB opened at $182.50 on Monday. 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 firm’s 50-day moving average price is $190.82 and its 200-day moving average price is $192.44. The company has a market capitalization of $29.98 billion, a PE ratio of 12.47, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank has a 1-year low of $133.03 and a 1-year high of $225.70.

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 for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $2.74 EPS. On average, equities analysts predict that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has authorized a share repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

Insider Buying and Selling at M&T Bank

In other M&T Bank 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 transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This 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 accessible through the SEC website. 0.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MTB. FMR LLC raised its holdings in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. State Street Corp increased its position in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the period. Finally, Norges Bank purchased a new position in shares of M&T Bank during the 4th quarter valued at about $317,690,000. Hedge funds and other institutional investors 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.