The Goldman Sachs Group Forecasts Strong Price Appreciation for M&T Bank (NYSE:MTB) Stock

M&T Bank (NYSE:MTB) had its price objective lifted by The Goldman Sachs Group from $231.00 to $235.00 in a research report issued on Monday,MarketScreener reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 10.82% from the company’s current price.

Several other equities analysts also recently weighed in on MTB. TD Cowen restated a “buy” rating on shares of M&T Bank in a report on Wednesday, January 7th. Jefferies Financial Group raised their target price on shares of M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Weiss Ratings restated a “buy (b-)” rating on shares of M&T Bank in a report on Monday, December 29th. Barclays raised their target price on shares of M&T Bank from $220.00 to $236.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $220.00 to $230.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $231.03.

M&T Bank Stock Performance

NYSE:MTB opened at $212.06 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $216.07 and a two-hundred day moving average price of $203.12. M&T Bank has a twelve month low of $152.66 and a twelve month high of $239.00. The company has a market capitalization of $31.60 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60.

M&T Bank (NYSE:MTB) last posted its earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, beating the consensus estimate of $4.47 by $0.25. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm posted $3.77 EPS. As a group, research 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 initiated a stock buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 909 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total value of $206,679.33. Following the sale, the director directly owned 5,976 shares of the company’s stock, valued at approximately $1,358,763.12. This trade represents a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Gary N. Geisel sold 887 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total transaction of $191,405.73. Following the completion of the sale, the insider directly owned 16,446 shares in the company, valued at $3,548,882.34. This represents a 5.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 49,092 shares of company stock valued at $11,182,250 over the last three months. Insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MTB. Canoe Financial LP lifted its position 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 worth $131,515,000 after purchasing an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY acquired a new position in shares of M&T Bank during the fourth quarter worth $42,817,000. Danske Bank A S acquired a new position in shares of M&T Bank during the third quarter worth $29,612,000. Russell Investments Group Ltd. lifted its position in shares of M&T Bank by 94.9% during the third quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after purchasing an additional 142,593 shares in the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its position in shares of M&T Bank by 37.1% during 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 purchasing an additional 95,025 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.