Goldman Sachs analyst Ryan Nash maintained a Hold rating on M&T Bank today and set a price target of $210.00.
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Ryan Nash has given his Hold rating due to a combination of factors observed in M&T Bank’s recent performance. The bank reported earnings that were slightly above expectations in terms of adjusted pre-provision net revenue (PPNR), but net interest income (NII) fell short of forecasts due to higher deposit costs and a marginally lower net interest margin. Despite these challenges, there were positive aspects such as stronger-than-expected end-of-period loan growth and better expense management, which helped offset some of the NII shortfall.
Additionally, M&T Bank’s credit metrics showed improvement, with lower net charge-offs and a decline in criticized loans, leading to a provision beat. The bank also demonstrated a willingness to leverage its capital base through share repurchases, which could be positively received by the market. Overall, while there are areas of strength, the mixed results and cautious outlook on NII growth justify a Hold rating, as the stock’s performance may remain relatively stable in the near term.
In another report released on July 10, J.P. Morgan also maintained a Hold rating on the stock with a $205.50 price target.
Based on the recent corporate insider activity of 98 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MTB in relation to earlier this year.