Truist Financial Cuts M&T Bank (NYSE:MTB) Price Target to $225.00

M&T Bank (NYSE:MTB) had its price target lowered by Truist Financial from $236.00 to $225.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also weighed in on MTB. Morgan Stanley lowered their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company lowered their target price on M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a report on Friday, March 28th. DA Davidson increased their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Evercore ISI dropped their target price on shares of 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $215.97.

M&T Bank Stock Performance

NYSE:MTB opened at $157.13 on Friday. 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 has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a 50 day simple moving average of $186.82 and a two-hundred day simple moving average of $192.80. The company has a market capitalization of $25.82 billion, a PE ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data 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 quarter in the previous year, the firm earned $2.74 earnings per share. Research analysts anticipate that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.44%. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock buyback 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 reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were 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. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank during the fourth quarter valued at approximately $29,000. Banque Transatlantique SA bought a new position in M&T Bank in the 4th quarter valued at $38,000. Y.D. More Investments Ltd increased its position in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing 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 $44,000. Finally, Sierra Ocean LLC purchased a new position in shares of M&T Bank in the 4th quarter worth about $44,000. Institutional investors own 84.68% of the company’s stock.

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.