Evercore ISI Cuts M&T Bank (NYSE:MTB) Price Target to $205.00

M&T Bank (NYSE:MTB) had its price target trimmed by Evercore ISI from $234.00 to $205.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Keefe, Bruyette & Woods increased their price objective 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. Truist Financial restated a “buy” rating and issued a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Compass Point raised their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. One equities 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. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $222.03.

M&T Bank Stock Up 3.1 %

Shares of NYSE:MTB opened at $175.69 on Thursday. The firm has a market cap of $28.86 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a fifty day simple moving average of $192.44 and a 200 day simple moving average of $192.00. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank has a 12-month low of $133.03 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. 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 posted $2.74 earnings per share. On average, equities research analysts anticipate that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has authorized 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.07%. M&T Bank’s dividend payout ratio is 36.91%.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the 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 completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds have recently bought and sold shares of the stock. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of M&T Bank during the 4th quarter worth $43,101,000. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank in the fourth quarter worth $29,000. Siemens Fonds Invest GmbH increased its position in M&T Bank by 78.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 3,202 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 1,412 shares during the period. Ameriflex Group Inc. acquired a new stake in M&T Bank during the 4th quarter worth about $101,000. Finally, Ascent Group LLC grew its position in shares of M&T Bank by 9.2% during the 4th quarter. Ascent Group LLC now owns 16,998 shares of the financial services provider’s stock worth $3,196,000 after buying an additional 1,432 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.