The Goldman Sachs Group Increases M&T Bank (NYSE:MTB) Price Target to $235.00
by Kim Johansen · The Markets DailyM&T Bank (NYSE:MTB – Get Free Report) had its price objective upped by equities researchers at The Goldman Sachs Group from $231.00 to $235.00 in a research report issued on Monday,MarketScreener reports. The firm presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 11.60% from the company’s current price.
Several other equities research analysts also recently issued reports on MTB. Wolfe Research downgraded M&T Bank from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of M&T Bank in a report on Monday, December 29th. Evercore cut shares of M&T Bank from an “outperform” rating to a “hold” rating and increased their target price for the company from $210.00 to $225.00 in a research note on Tuesday, January 6th. Wells Fargo & Company upped their price objective on M&T Bank from $185.00 to $205.00 and gave the company an “underweight” rating in a research note on Monday, January 5th. Finally, Cantor Fitzgerald boosted their price target on M&T Bank from $238.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $231.03.
Read Our Latest Research Report on MTB
M&T Bank Stock Down 0.7%
Shares of MTB stock opened at $210.58 on Monday. The business’s fifty day moving average is $216.18 and its 200-day moving average is $203.05. M&T Bank has a 1 year low of $150.75 and a 1 year high of $239.00. The stock has a market cap of $31.38 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.96 and a current ratio of 0.96.
M&T Bank (NYSE:MTB – Get Free Report) last released its earnings results on Friday, January 16th. The financial services provider reported $4.72 EPS for the quarter, beating the consensus estimate of $4.47 by $0.25. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $2.47 billion. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. During the same period in the prior year, the business earned $3.77 earnings per share. Equities analysts expect that M&T Bank will post 16.57 earnings per share for the current fiscal year.
M&T Bank announced that its board has approved a stock buyback plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Insider Buying and Selling at M&T Bank
In other news, Vice Chairman Gary N. Geisel sold 887 shares of the business’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total value of $191,405.73. Following the sale, the insider owned 16,446 shares of the company’s stock, valued at $3,548,882.34. The trade was a 5.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John P. Barnes sold 21,193 shares of the firm’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the completion of the transaction, the director directly owned 15,142 shares of the company’s stock, valued at approximately $3,571,240.70. This trade represents a 58.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,092 shares of company stock valued at $11,182,250 over the last ninety days. 0.44% of the stock is currently owned by company insiders.
Institutional Trading of M&T Bank
Large investors have recently modified their holdings of the stock. Canoe Financial LP raised its stake in shares of M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after acquiring an additional 219,065 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in M&T Bank during the 4th quarter worth approximately $42,817,000. Danske Bank A S acquired a new stake in shares of M&T Bank in the 3rd quarter valued at about $29,612,000. Russell Investments Group Ltd. raised its stake in M&T Bank by 94.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after buying an additional 142,593 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich boosted its holdings in M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after acquiring an additional 95,025 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 Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.
Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.