M&T Bank (NYSE:MTB) PT Raised to $174.00 at Royal Bank of Canada

M&T Bank (NYSE:MTB) had its price target increased by Royal Bank of Canada from $160.00 to $174.00 in a research report released on Friday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research analysts also recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a market perform rating in a report on Friday. Jefferies Financial Group lifted their price target on M&T Bank from $160.00 to $161.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Wedbush reissued an outperform rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Bank of America lifted their target price on M&T Bank from $157.00 to $160.00 and gave the company a buy rating in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $170.17.

M&T Bank Stock Performance

Shares of MTB stock opened at $170.87 on Friday. The firm has a 50 day moving average of $150.83 and a 200-day moving average of $144.07. The company has a market cap of $28.51 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 3.86 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a 52 week low of $108.53 and a 52 week high of $175.00.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the prior year, the company posted $5.12 earnings per share. On average, equities analysts forecast that M&T Bank will post 13.95 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a $1.35 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at $5,481,660. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John P. Barnes sold 43,426 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the transaction, the executive vice president now directly owns 8,579 shares in the company, valued at approximately $1,319,278.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,915 shares of company stock worth $14,497,759. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Leuthold Group LLC purchased a new stake in M&T Bank in the first quarter worth about $3,125,000. Stevens Capital Management LP purchased a new stake in M&T Bank in the 4th quarter worth approximately $320,000. Matrix Asset Advisors Inc. NY increased its holdings in M&T Bank by 15.7% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after acquiring an additional 12,590 shares in the last quarter. Smead Capital Management Inc. bought a new stake in M&T Bank during the 4th quarter worth approximately $59,418,000. Finally, Rafferty Asset Management LLC lifted its holdings in M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after purchasing an additional 100,526 shares in the last quarter. 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.