M&T Bank (NYSE:MTB – Get Free Report)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank Of Canada in a report released on Thursday,Benzinga reports. They currently have a $225.00 price target on the financial services provider’s stock. Royal Bank Of Canada’s target price points to a potential upside of 7.44% from the company’s current price.
MTB has been the topic of several other research reports. Cantor Fitzgerald dropped their price target on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research note on Friday, April 17th. The Goldman Sachs Group boosted their price target on M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, April 6th. Wall Street Zen downgraded M&T Bank from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Jefferies Financial Group boosted their price target on M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Argus boosted their price target on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $235.32.
Read Our Latest Stock Analysis on MTB
M&T Bank Stock Down 0.5%
M&T Bank (NYSE:MTB – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the business earned $3.32 EPS. On average, analysts forecast that M&T Bank will post 18.69 EPS for the current year.
M&T Bank announced that its Board of Directors has approved a share repurchase program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
Insider Transactions at M&T Bank
In other news, EVP Michael A. Wisler sold 8,237 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $223.48, for a total value of $1,840,804.76. Following the sale, the executive vice president owned 4,643 shares in the company, valued at $1,037,617.64. This represents a 63.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is owned by corporate insiders.
Institutional Trading of M&T Bank
A number of hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of M&T Bank by 3.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock worth $285,341,000 after buying an additional 49,336 shares during the last quarter. Canoe Financial LP raised its holdings in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares during the period. Barclays PLC raised its holdings in M&T Bank by 3.9% in the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock worth $106,846,000 after purchasing an additional 20,120 shares during the period. Davis Asset Management L.P. raised its holdings in M&T Bank by 23.1% in the 4th quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock worth $80,592,000 after purchasing an additional 75,000 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock worth $79,954,000 after purchasing an additional 103,692 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.
M&T Bank Company Profile
M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.
Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.
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