Royal Bank of Canada Reaffirms Outperform Rating for M&T Bank (NYSE:MTB)

M&T Bank (NYSE:MTB)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They presently have a $200.00 target price on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 7.68% from the company’s current price.

Several other equities analysts have also commented on the stock. Truist Financial dropped their price target on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. TD Cowen assumed coverage on shares of M&T Bank in a research report on Thursday, May 15th. They set a “buy” rating and a $230.00 target price on the stock. Citigroup lowered their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. decreased their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $209.33.

M&T Bank Trading Down 0.9%

Shares of MTB opened at $185.73 on Monday. 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 $139.78 and a 12-month high of $225.70. The firm has a 50-day moving average price of $171.84 and a 200 day moving average price of $189.18. The firm has a market capitalization of $29.81 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company posted $3.09 EPS. Sell-side analysts forecast that M&T Bank will post 16.57 EPS for the current year.

M&T Bank announced that its board has initiated a stock buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often an indication 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 company’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 transaction of $299,526.92. Following the sale, the executive vice president now directly 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 legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Several large investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC grew its holdings in M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 1,295 shares during the period. US Bancorp DE lifted its stake in M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after acquiring an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth about $290,000. Valeo Financial Advisors LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth about $297,000. Finally, Van ECK Associates Corp raised its stake in shares of M&T Bank by 1,262.9% during the 4th quarter. Van ECK Associates Corp now owns 22,175 shares of the financial services provider’s stock worth $4,169,000 after purchasing an additional 20,548 shares in the last quarter. 84.68% of the stock is 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.