Wells Fargo & Company lowers M&T Bank (NYSE:MTB) price target to $175.00

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M&T Bank (NYSE: MTB – Get Valuation) had its target price lowered by Wells Fargo & Company investment analysts from $195.00 to $175.00 in a research report released Friday to clients and investors, MarketBeat.com reports. The brokerage currently has an “equal weight” rating on shares of the financial services provider. Wells Fargo & Company’s target price would suggest a potential upside of 9.57% from the company’s current price.

Several other research companies have also recently commented on the MTB. JPMorgan Chase & Co. lowered its price target on M&T Bank shares from $200.00 to $195.00 and set a “neutral” rating on the stock in a report released Friday. Wolfe Research lowered its price target on M&T Bank shares from $214.00 to $187.00 and set an “outperform” rating on the stock in a Thursday, May 26 report. Morgan Stanley upgraded M&T Bank shares from an “underweight” to an “overweight” rating and raised its price target for the company from $179.00 to $238.00 in a Thursday report April 21th. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 report. Finally, StockNews.com upgraded M&T Bank shares from a “sell” rating to a “hold” rating in a Friday, June 10 report. Seven investment analysts gave the stock a hold rating and eight gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $193.31.

NYSE MTB opened at $159.71 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt ratio of 0.21. The company has a market capitalization of $28.65 billion, a PE ratio of 12.20, a growth price-earnings ratio of 0.96 and a beta of 0.86. The company has a 50-day moving average price of $168.99 and a 200-day moving average price of $170.46. M&T Bank has a 52-week low of $128.46 and a 52-week high of $186.95.

M&T Bank (NYSE:MTB – Get Rating) last released quarterly earnings data on Wednesday, April 20. The financial services provider reported EPS of $2.73 for the quarter, beating the consensus estimate of $2.26 by $0.47. The company posted revenue of $1.45 billion in the quarter, versus analyst estimates of $1.43 billion. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same quarter a year earlier, the company posted EPS of $3.41. On average, equity research analysts expect M&T Bank to post earnings per share of 14.11 for the current fiscal year.

Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a transaction dated Wednesday, June 8. The shares were sold at an average price of $177.82, for a total transaction of $93,355.50. Following the completion of the sale, the executive vice president now directly owns 19,075 shares of the company, valued at $3,391,916.50. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. Additionally, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade dated Tuesday, May 17. The stock was sold at an average price of $169.71, for a total transaction of $848,550.00. Following the sale, the insider now owns 39,008 shares of the company, valued at $6,620,047.68. The disclosure of this sale can be found here. Insiders sold 7,725 shares of the company valued at $1,335,332 in the past 90 days. 0.73% of the shares are currently held by insiders of the company.

A number of institutional investors have recently increased or reduced their stake in the stock. Vanguard Group Inc. increased its stake in M&T Bank by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,607,431 shares of the financial services provider worth $2,475,959,000 after purchasing an additional 316,266 shares during the period. BlackRock Inc. increased its stake in M&T Bank by 8.8% during the first quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider worth $1,914,040,000 after purchasing an additional 915,914 shares during the period. Wellington Management Group LLP increased its stake in M&T Bank by 9.9% during the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider worth $1,459,815,000 after purchasing an additional 777,422 shares during the period. State Street Corp increased its stake in M&T Bank by 0.3% in the fourth quarter. State Street Corp now owns 7,481,488 shares of the financial services provider worth $1,149,007,000 after purchasing an additional 23,271 shares during the period. Finally, Capital World Investors bought a new position in M&T Bank during the first quarter worth approximately $982,517,000. Hedge funds and other institutional investors own 87.61% of the company’s shares.

About M&T Bank (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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