The Goldman Sachs Group Issues Positive Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target hoisted by investment analysts at The Goldman Sachs Group from $216.00 to $243.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 10.05% from the company’s previous close.

Other equities analysts have also issued reports about the company. Royal Bank of Canada lifted their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Bank of America increased their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Barclays upped their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $230.00 in a research report on Monday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $206.41.

M&T Bank Stock Performance

Shares of MTB stock opened at $220.80 on Tuesday. The firm has a market capitalization of $36.64 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74. The company has a 50 day moving average price of $194.82 and a 200 day moving average price of $171.05. M&T Bank has a one year low of $123.46 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. Sell-side analysts anticipate that M&T Bank will post 14.56 EPS for the current year.

Insider Buying and Selling

In related news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total value of $396,000.00. Following the sale, the director now owns 29,796 shares in the company, valued at $5,899,608. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,383 shares of company stock worth $17,925,801. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd lifted its position in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in M&T Bank during the third quarter worth about $32,000. Hexagon Capital Partners LLC lifted its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new position in M&T Bank in the second quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.