Wells Fargo & Company Issues Pessimistic Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price objective decreased by equities research analysts at Wells Fargo & Company from $205.00 to $185.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.59% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. Evercore ISI lowered their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Citigroup decreased their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $218.79.

M&T Bank Stock Down 2.5 %

NYSE:MTB opened at $175.21 on Friday. The stock’s fifty day moving average price is $189.44 and its two-hundred day moving average price is $192.62. The company has a market cap of $28.78 billion, a price-to-earnings ratio of 11.98, 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 company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the business earned $2.74 EPS. On average, analysts anticipate 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 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 repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred 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 owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by insiders.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in MTB. FMR LLC grew its position in M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares in the last quarter. State Street Corp grew its holdings in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Geode Capital Management LLC raised its holdings in M&T Bank by 0.9% during 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 acquiring an additional 40,948 shares in the last quarter. Finally, Norges Bank acquired a new position in M&T Bank during the fourth quarter valued at approximately $317,690,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.