M&T Bank (NYSE:MTB) Stock Gets Price Target Reduction from Cantor Fitzgerald

M&T Bank (NYSE:MTB) had its target price cut by Cantor Fitzgerald from $285.00 to $255.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s price target points to a potential upside of 16.95% from the company’s previous close.

A number of other research firms also recently issued reports on MTB. TD Cowen assumed coverage on M&T Bank in a research report on Thursday, October 8th. They issued a “hold” rating and a $245.00 target price for the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a research report on Tuesday, September 1st. Robert W. Baird increased their price target on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Finally, Raymond James Financial began coverage on M&T Bank in a research note on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $248.79.

M&T Bank Stock Down 0.8%

M&T Bank stock opened at $218.05 on Wednesday. The firm has a 50 day moving average price of $234.01 and a 200-day moving average price of $228.42. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. M&T Bank has a twelve month low of $174.76 and a twelve month high of $255.95. The company has a market capitalization of $31.49 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.24 and a beta of 0.61.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the firm posted $4.28 EPS. As a group, equities analysts predict that M&T Bank will post 19.42 EPS for the current year.

Insider Buying and Selling at M&T Bank

In other news, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the transaction, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rene F. Jones sold 19,396 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 20,028 shares of company stock worth $4,794,884. Company insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. grew its stake in M&T Bank by 65.7% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,859 shares of the financial services provider’s stock worth $622,000 after buying an additional 1,134 shares in the last quarter. Salvus Wealth Management LLC lifted its position in M&T Bank by 17.7% in the third quarter. Salvus Wealth Management LLC now owns 2,920 shares of the financial services provider’s stock valued at $635,000 after purchasing an additional 440 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its position in M&T Bank by 139.5% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 2,407 shares of the financial services provider’s stock valued at $524,000 after buying an additional 1,402 shares during the period. Gilpin Wealth Management LLC bought a new position in M&T Bank during the 3rd quarter valued at approximately $114,000. Finally, Wedmont Private Capital lifted its stake in M&T Bank by 7.5% in the third quarter. Wedmont Private Capital now owns 4,734 shares of the financial services provider’s stock worth $1,030,000 after acquiring an additional 329 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.