Bank of America Boosts M&T Bank (NYSE:MTB) Price Target to $218.00

M&T Bank (NYSE:MTB) had its target price hoisted by Bank of America from $188.00 to $218.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on MTB. Wells Fargo & Company lowered M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $170.00 to $165.00 in a research report on Thursday, August 15th. Piper Sandler lifted their price objective on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Evercore ISI upgraded shares of M&T Bank from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $187.00 to $210.00 in a report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $196.18.

M&T Bank Trading Down 0.7 %

Shares of MTB opened at $197.55 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $32.96 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 3.27 and a beta of 0.75. The company has a 50-day moving average of $172.93 and a 200 day moving average of $158.92. M&T Bank has a 1-year low of $108.53 and a 1-year high of $200.94.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the firm posted $5.12 earnings per share. On average, research analysts expect that M&T Bank will post 14.16 EPS for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.73%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Buying and Selling

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the completion of the transaction, the director now directly owns 15,045 shares of the company’s stock, valued at approximately $2,617,378.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock worth $5,115,349 in the last three months. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTB. Massachusetts Financial Services Co. MA raised its stake in shares of M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after buying an additional 81,004 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in M&T Bank by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after acquiring an additional 93,113 shares during the period. Bank of New York Mellon Corp grew its holdings in M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after acquiring an additional 44,442 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in M&T Bank by 3.2% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after acquiring an additional 43,795 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after purchasing an additional 319,051 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.