Citigroup Cuts M&T Bank (NYSE:MTB) Price Target to $195.00

M&T Bank (NYSE:MTB) had its price objective reduced by Citigroup from $230.00 to $195.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the financial services provider’s stock.

Several other analysts have also issued reports on the company. Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. DA Davidson lifted their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $219.97.

M&T Bank Trading Down 0.5 %

NYSE MTB opened at $182.10 on Monday. The business’s fifty day moving average is $190.20 and its 200-day moving average is $192.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market capitalization of $29.92 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank has a one year low of $133.03 and a one year 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, beating analysts’ consensus estimates 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 previous year, the business earned $2.74 EPS. Equities research analysts predict that M&T Bank will post 16.57 EPS for the current year.

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

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC boosted its stake in shares of M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the period. Quadrant Capital Group LLC raised its holdings in M&T Bank by 5.8% during the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock valued at $183,000 after buying an additional 53 shares during the last quarter. Catalina Capital Group LLC boosted its position in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after buying an additional 56 shares during the period. Parallel Advisors LLC increased its position in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 60 shares during the period. Finally, Forum Financial Management LP raised its stake in shares of M&T Bank by 2.2% during the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock valued at $540,000 after acquiring an additional 62 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.