M&T Bank (NYSE:MTB) Price Target Raised to $230.00 at Royal Bank Of Canada

M&T Bank (NYSE:MTB) had its price objective increased by Royal Bank Of Canada from $225.00 to $230.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 0.75% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. lowered their price objective on M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Cantor Fitzgerald lowered their target price on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research note on Friday, April 17th. The Goldman Sachs Group raised their price target on M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, April 6th. Finally, UBS Group set a $235.00 price objective on shares of M&T Bank in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and a consensus target price of $235.58.

M&T Bank Stock Up 0.2%

MTB stock traded up $0.55 during trading on Tuesday, reaching $228.28. The stock had a trading volume of 78,087 shares, compared to its average volume of 1,160,709. The company has a market capitalization of $33.43 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 1.10 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company’s 50 day moving average is $217.34 and its two-hundred day moving average is $214.06. M&T Bank has a one year low of $174.76 and a one year high of $239.00.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the business posted $3.32 earnings per share. Equities research analysts forecast that M&T Bank will post 18.81 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bogart Wealth LLC grew its holdings in shares of M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 84 shares during the period. Triumph Capital Management purchased a new stake in shares of M&T Bank in the 3rd quarter worth about $32,000. Elyxium Wealth LLC bought a new position in shares of M&T Bank during the fourth quarter valued at approximately $33,000. Ameriflex Group Inc. increased its stake in shares of M&T Bank by 82.4% during the third quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 84 shares in the last quarter. Finally, Bank of Jackson Hole Trust lifted its holdings in shares of M&T Bank by 38.7% during the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.