Wells Fargo & Company Raises M&T Bank (NYSE:MTB) Price Target to $215.00

M&T Bank (NYSE:MTB) had its price objective boosted by investment analysts at Wells Fargo & Company from $205.00 to $215.00 in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 9.99% from the stock’s current price.

A number of other research firms have also weighed in on MTB. UBS Group set a $235.00 target price on shares of M&T Bank in a research report on Thursday, April 16th. Wall Street Zen raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Cantor Fitzgerald dropped their price objective 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. Argus lifted their price objective on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Morgan Stanley boosted their price objective on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $236.53.

M&T Bank Trading Down 0.0%

NYSE:MTB opened at $238.85 on Monday. M&T Bank has a 12 month low of $174.76 and a 12 month high of $243.57. The firm has a market cap of $34.98 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 1.17 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company’s 50 day moving average is $220.63 and its 200-day moving average is $216.43.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm earned $3.32 EPS. Equities analysts anticipate that M&T Bank will post 18.8 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Hedge funds have recently made changes to their positions in the stock. Canoe Financial LP grew its position in M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after buying an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $42,817,000. Danske Bank A S bought a new stake in shares of M&T Bank in the 3rd quarter worth approximately $29,612,000. Russell Investments Group Ltd. grew its holdings in shares of M&T Bank by 94.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after purchasing an additional 142,593 shares in the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich grew its holdings in shares of M&T Bank by 37.1% during the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after purchasing an additional 95,025 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

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.