Piper Sandler Forecasts Strong Price Appreciation for M&T Bank (NYSE:MTB) Stock

M&T Bank (NYSE:MTB) had its price target boosted by Piper Sandler from $205.00 to $243.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. DA Davidson boosted their price objective on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group upped their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, Royal Bank of Canada upped their price target on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $206.41.

M&T Bank Trading Down 0.4 %

NYSE:MTB opened at $219.99 on Wednesday. The stock has a market cap of $36.50 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. M&T Bank has a one year low of $125.61 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. The business’s 50-day simple moving average is $196.45 and its 200 day simple moving average is $171.86.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, sell-side analysts predict that M&T Bank will post 14.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

Insider Buying and Selling at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $7,724,491.06. This represents a 18.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. The trade was a 28.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,504 shares of company stock worth $18,394,012. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in shares of M&T Bank by 45.5% in the 3rd quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock worth $3,986,000 after acquiring an additional 6,717 shares during the period. Wilmington Savings Fund Society FSB lifted its position in M&T Bank by 80.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock worth $2,476,000 after purchasing an additional 6,205 shares during the period. Sanctuary Advisors LLC boosted its stake in M&T Bank by 14.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,767 shares of the financial services provider’s stock valued at $2,808,000 after purchasing an additional 2,018 shares in the last quarter. Toronto Dominion Bank increased its position in shares of M&T Bank by 71.1% during the 3rd quarter. Toronto Dominion Bank now owns 83,019 shares of the financial services provider’s stock valued at $14,787,000 after purchasing an additional 34,501 shares during the period. Finally, Coldstream Capital Management Inc. raised its stake in shares of M&T Bank by 10.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 3,690 shares of the financial services provider’s stock worth $669,000 after buying an additional 337 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

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.