Morgan Stanley Issues Pessimistic Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target reduced by research analysts at Morgan Stanley from $269.00 to $253.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 47.23% from the stock’s current price.

Other equities analysts also recently issued reports about the company. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Piper Sandler increased their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Wells Fargo & Company upped their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $222.03.

M&T Bank Stock Performance

NYSE:MTB traded down $0.23 during midday trading on Thursday, reaching $171.84. The stock had a trading volume of 462,091 shares, compared to its average volume of 1,304,423. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $28.23 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.38 and a beta of 0.74. The firm has a fifty day simple moving average of $193.13 and a two-hundred day simple moving average of $191.92. M&T Bank has a 12-month low of $133.03 and a 12-month high of $225.70.

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, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the business earned $2.74 EPS. On average, equities analysts expect that M&T Bank will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has approved 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 buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank in the fourth quarter worth $29,000. Siemens Fonds Invest GmbH lifted its holdings in M&T Bank by 78.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 3,202 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 1,412 shares during the period. Ameriflex Group Inc. bought a new position in M&T Bank in the 4th quarter valued at about $101,000. Ascent Group LLC raised its position in shares of M&T Bank by 9.2% during the 4th quarter. Ascent Group LLC now owns 16,998 shares of the financial services provider’s stock worth $3,196,000 after buying an additional 1,432 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of M&T Bank by 12.7% in the 4th quarter. Mackenzie Financial Corp now owns 20,976 shares of the financial services provider’s stock worth $3,944,000 after acquiring an additional 2,361 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.