Evercore ISI Cuts M&T Bank (NYSE:MTB) Price Target to $205.00

M&T Bank (NYSE:MTB) had its price objective decreased by research analysts at Evercore ISI from $234.00 to $205.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price objective would suggest a potential upside of 16.68% from the stock’s current price.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group increased their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial reaffirmed a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average target price of $222.03.

M&T Bank Price Performance

M&T Bank stock opened at $175.69 on Thursday. The stock has a market capitalization of $28.86 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank has a 52-week low of $133.03 and a 52-week high of $225.70. The stock’s 50 day moving average price is $192.44 and its two-hundred day moving average price is $191.83. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) 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 in the previous year, the company posted $2.74 EPS. On average, equities analysts predict that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has approved 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 often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

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 stock was 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 of the company’s stock, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Hedge funds have recently made changes to their positions in the business. Wood Tarver Financial Group LLC purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $29,000. Plato Investment Management Ltd boosted its holdings in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in M&T Bank in the third quarter worth $32,000. Banque Transatlantique SA bought a new position in shares of M&T Bank during the fourth quarter valued at $38,000. Finally, Y.D. More Investments Ltd lifted its holdings in shares of M&T Bank by 122.6% during the fourth 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 in the last quarter. 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.