Barclays Issues Pessimistic Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target cut by investment analysts at Barclays from $235.00 to $220.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s target price suggests a potential upside of 38.50% from the stock’s previous close.

MTB has been the topic of several other reports. JPMorgan Chase & Co. lowered their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Robert W. Baird cut their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. Wells Fargo & Company reduced their target price on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research note on Friday, March 28th. DA Davidson dropped their price target on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Truist Financial reduced their price objective on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a research note on Friday, April 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average price target of $208.14.

M&T Bank Price Performance

MTB opened at $158.84 on Tuesday. M&T Bank has a fifty-two week low of $137.76 and a fifty-two week high of $225.70. The firm has a 50-day moving average of $178.78 and a 200 day moving average of $191.32. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The firm has a market cap of $26.10 billion, a P/E ratio of 10.86, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the company earned $3.09 earnings per share. On average, research analysts expect that M&T Bank will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by insiders.

Institutional Trading of M&T Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tritonpoint Wealth LLC boosted its stake in shares of M&T Bank by 3.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 3,073 shares of the financial services provider’s stock valued at $549,000 after purchasing an additional 92 shares in the last quarter. Bar Harbor Wealth Management grew its stake in shares of M&T Bank by 23.5% during the first quarter. Bar Harbor Wealth Management now owns 2,896 shares of the financial services provider’s stock valued at $518,000 after buying an additional 551 shares during the last quarter. Farrell Financial LLC increased its holdings in shares of M&T Bank by 158.4% in the first quarter. Farrell Financial LLC now owns 3,101 shares of the financial services provider’s stock worth $554,000 after buying an additional 1,901 shares during the period. Ferguson Wellman Capital Management Inc. boosted its holdings in M&T Bank by 39.4% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 1,613 shares of the financial services provider’s stock valued at $288,000 after acquiring an additional 456 shares during the period. Finally, Sapient Capital LLC grew its position in M&T Bank by 0.4% during the 1st quarter. Sapient Capital LLC now owns 185,054 shares of the financial services provider’s stock worth $33,078,000 after acquiring an additional 767 shares during the last quarter. 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.