Citigroup Has Lowered Expectations for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target lowered by investment analysts at Citigroup from $230.00 to $195.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price objective suggests a potential upside of 6.57% from the company’s current price.

Other analysts also recently issued reports about the stock. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Evercore ISI cut their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $219.97.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $182.97 on Monday. M&T Bank has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a market cap of $30.06 billion, a P/E ratio of 12.51, a PEG ratio of 1.38 and a beta of 0.74. The stock has a fifty day moving average price of $190.58 and a two-hundred day moving average price of $192.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company earned $2.74 earnings per share. Research analysts forecast that M&T Bank will post 16.57 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s 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. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at $29,000. Banque Transatlantique SA acquired a new stake in shares of M&T Bank in the fourth quarter worth about $38,000. Y.D. More Investments Ltd lifted its position in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares during the last quarter. Human Investing LLC bought a new stake in shares of M&T Bank during the 4th quarter worth about $44,000. Finally, Sierra Ocean LLC acquired a new position in shares of M&T Bank during the 4th quarter valued at about $44,000. 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.