M&T Bank (NYSE:MTB) Given New $185.00 Price Target at Wells Fargo & Company

M&T Bank (NYSE:MTB) had its price target reduced by stock analysts at Wells Fargo & Company from $205.00 to $185.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 4.49% from the company’s current price.

MTB has been the topic of a number of other research reports. Citigroup cut their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday. Evercore ISI reduced their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Morgan Stanley reduced their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, DA Davidson lifted their price target 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $218.79.

M&T Bank Trading Down 1.5 %

Shares of NYSE:MTB traded down $2.62 during midday trading on Friday, reaching $177.05. The company’s stock had a trading volume of 38,663 shares, compared to its average volume of 1,044,501. The business has a 50 day moving average price of $189.87 and a 200 day moving average price of $192.40. M&T Bank has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a market cap of $29.09 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its earnings results 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 return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the company posted $2.74 EPS. Research analysts forecast that M&T Bank will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

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

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTB. FMR LLC raised its holdings in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after buying an additional 1,761,014 shares in the last quarter. Norges Bank acquired a new position in shares of M&T Bank during the fourth quarter worth approximately $317,690,000. State Street Corp grew its stake in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of M&T Bank by 22.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock worth $294,662,000 after acquiring an additional 286,049 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in M&T Bank during the fourth quarter worth $48,939,000. 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.