M&T Bank (NYSE:MTB) Price Target Raised to $205.00

M&T Bank (NYSE:MTB) had its price target upped by Wells Fargo & Company from $190.00 to $205.00 in a report issued on Friday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

MTB has been the topic of several other reports. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. The Goldman Sachs Group raised their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley raised their target price on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Wedbush raised their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Price Performance

M&T Bank stock opened at $214.74 on Friday. M&T Bank has a 12-month low of $123.37 and a 12-month high of $216.84. The stock has a market capitalization of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 3.02 and a beta of 0.74. The firm’s 50-day moving average is $187.11 and its two-hundred day moving average is $167.36. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

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

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.51%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity

In other news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction that occurred 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 sale, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of M&T Bank stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the sale, the director now owns 29,796 shares of the company’s stock, valued at approximately $5,899,608. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,383 shares of company stock worth $13,576,801 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ontario Teachers Pension Plan Board increased its stake in shares of M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after buying an additional 3,739 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of M&T Bank in the third quarter worth $44,000. Principal Financial Group Inc. increased its stake in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after purchasing an additional 18,566 shares during the period. Finally, Gateway Investment Advisers LLC boosted its holdings in M&T Bank by 60.0% in the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after purchasing an additional 12,304 shares during the period. 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.