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

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

A number of other equities research analysts have also issued reports on MTB. Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Barclays upped their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Morgan Stanley reduced their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. DA Davidson increased their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $219.97.

M&T Bank Trading Up 2.4 %

Shares of M&T Bank stock opened at $182.50 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a fifty day moving average of $190.82 and a 200 day moving average of $192.44. The company has a market capitalization of $29.98 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank has a fifty-two week low of $133.03 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates 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 period last year, the business earned $2.74 earnings per share. On average, sell-side analysts anticipate that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a stock buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced 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 2.96%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on 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 owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of large investors have recently made changes to their positions in MTB. Wood Tarver Financial Group LLC purchased a new stake in M&T Bank in the 4th quarter worth about $29,000. Banque Transatlantique SA bought a new position in shares of M&T Bank during the fourth quarter valued at approximately $38,000. Y.D. More Investments Ltd raised its holdings 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 period. Human Investing LLC bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Finally, Sierra Ocean LLC purchased a new position in M&T Bank during the 4th quarter valued at $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.