M&T Bank (NYSE:MTB) Stock Price Target Cut by Morgan Stanley

M&T Bank (NYSE:MTB) had its target price dropped by Morgan Stanley from $301.00 to $294.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 38.19% from the stock’s previous close.

A number of other research firms have also weighed in on MTB. Evercore set a $230.00 target price on shares of M&T Bank in a report on Thursday, October 1st. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, July 16th. Royal Bank Of Canada dropped their price target on shares of M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a report on Tuesday, September 1st. Finally, Barclays boosted their price objective on shares of M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $247.60.

M&T Bank Trading Down 1.2%

Shares of MTB stock traded down $2.52 during mid-day trading on Monday, reaching $212.76. 388,098 shares of the stock traded hands, compared to its average volume of 1,123,906. The stock’s fifty day simple moving average is $231.97 and its two-hundred day simple moving average is $228.72. M&T Bank has a 1-year low of $179.32 and a 1-year high of $255.95. The company has a market cap of $30.73 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.21 and a beta of 0.61. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same quarter in the prior year, the firm posted $4.82 earnings per share. On average, research analysts anticipate that M&T Bank will post 19.42 EPS for the current fiscal year.

Insider Activity

In other news, CEO René Jones sold 19,396 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the transaction, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 20,028 shares of company stock valued at $4,794,884. Corporate insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new stake in M&T Bank in the second quarter worth $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after purchasing an additional 26,486 shares during the period. Davis Asset Management L.P. bought a new position in shares of M&T Bank during the 2nd quarter worth about $97,584,000. Hsbc Holdings PLC boosted its position in shares of M&T Bank by 18.9% during the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after purchasing an additional 62,877 shares in the last quarter. Finally, Amundi grew its stake in shares of M&T Bank by 7.7% in the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after buying an additional 27,795 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.