M&T Bank (NYSE:MTB) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of M&T Bank (NYSE:MTB) in a report issued on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $233.00 price objective on the financial services provider’s stock.

MTB has been the subject of a number of other research reports. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Friday, October 4th. Finally, Barclays lifted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $216.86.

M&T Bank Stock Down 0.5 %

Shares of NYSE MTB opened at $191.06 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s 50-day moving average is $203.25 and its two-hundred day moving average is $181.58. M&T Bank has a 12-month low of $128.31 and a 12-month high of $225.70. The company has a market capitalization of $31.70 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 2.79 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 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 firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Equities analysts anticipate that M&T Bank will post 14.63 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.83%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 39.97%.

Insiders Place Their Bets

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,994 shares of company stock worth $17,211,278 in the last quarter. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. TD Asset Management Inc lifted its stake in M&T Bank by 3.5% during the second quarter. TD Asset Management Inc now owns 64,460 shares of the financial services provider’s stock worth $9,757,000 after purchasing an additional 2,178 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of M&T Bank by 1.8% in the 2nd quarter. Private Advisor Group LLC now owns 26,820 shares of the financial services provider’s stock valued at $4,061,000 after buying an additional 479 shares during the period. Acadian Asset Management LLC bought a new stake in shares of M&T Bank during the 2nd quarter valued at about $547,000. Caprock Group LLC raised its stake in M&T Bank by 69.5% during the second quarter. Caprock Group LLC now owns 9,683 shares of the financial services provider’s stock worth $1,466,000 after acquiring an additional 3,970 shares during the period. Finally, Ballentine Partners LLC lifted its holdings in M&T Bank by 9.7% in the second quarter. Ballentine Partners LLC now owns 1,628 shares of the financial services provider’s stock worth $246,000 after acquiring an additional 144 shares during the last quarter. Institutional investors 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.