M&T Bank’s (MTB) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of M&T Bank (NYSE:MTB) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $164.00 target price on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company raised their price objective on M&T Bank from $145.00 to $150.00 and gave the stock an equal weight rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on M&T Bank from $170.00 to $180.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Bank of America raised their target price on shares of M&T Bank from $157.00 to $160.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. Royal Bank of Canada reiterated an outperform rating and set a $160.00 price target on shares of M&T Bank in a research note on Tuesday, April 16th. Finally, Jefferies Financial Group lifted their price objective on shares of M&T Bank from $151.00 to $160.00 and gave the company a hold rating in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of Hold and a consensus target price of $159.79.

M&T Bank Trading Down 0.2 %

NYSE:MTB opened at $147.51 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.00. M&T Bank has a 1 year low of $108.53 and a 1 year high of $156.65. The stock has a market cap of $24.61 billion, a P/E ratio of 9.97, a P/E/G ratio of 2.88 and a beta of 0.78. The stock has a 50-day simple moving average of $147.45 and a 200-day simple moving average of $141.36.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the company earned $4.09 earnings per share. As a group, analysts anticipate that M&T Bank will post 14.02 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be given a $1.35 dividend. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.66%. M&T Bank’s dividend payout ratio is presently 36.51%.

Insiders Place Their Bets

In other news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $147.11, for a total value of $1,471,100.00. Following the transaction, the director now directly owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,553 shares of company stock worth $14,724,147. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently added to or reduced their stakes in MTB. Envestnet Portfolio Solutions Inc. purchased a new stake in M&T Bank in the 3rd quarter valued at approximately $615,000. Envestnet Asset Management Inc. lifted its position in shares of M&T Bank by 33.2% in the third quarter. Envestnet Asset Management Inc. now owns 217,986 shares of the financial services provider’s stock valued at $27,564,000 after acquiring an additional 54,344 shares in the last quarter. CI Investments Inc. increased its position in M&T Bank by 2.9% during the 3rd quarter. CI Investments Inc. now owns 3,722 shares of the financial services provider’s stock worth $471,000 after purchasing an additional 104 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in M&T Bank by 7.5% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 71,583 shares of the financial services provider’s stock valued at $9,052,000 after purchasing an additional 5,007 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new position in M&T Bank in the 3rd quarter valued at about $1,006,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.