Piper Sandler Issues Positive Forecast for M&T Bank (NYSE:MTB) Stock Price

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

Other equities analysts also recently issued reports about the stock. Bank of America increased their target price 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. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Morgan Stanley increased 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. Wolfe Research upgraded 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 report on Friday, October 4th. Finally, Wedbush upped their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $206.41.

M&T Bank Trading Up 0.0 %

NYSE MTB opened at $220.80 on Wednesday. M&T Bank has a 1-year low of $123.46 and a 1-year high of $225.70. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $36.64 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74. The firm’s fifty day simple moving average is $194.82 and its 200-day simple moving average is $171.05.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, sell-side analysts anticipate that M&T Bank will post 14.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

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

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the transaction, the executive vice president now directly owns 5,618 shares of the company’s stock, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,383 shares of company stock worth $17,925,801. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MTB. FMR LLC raised its position in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp raised its position in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Marshall Wace LLP raised its position in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after purchasing an additional 472,997 shares in the last quarter. Los Angeles Capital Management LLC raised its position in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after purchasing an additional 319,051 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of M&T Bank during the third quarter worth approximately $44,422,000. Institutional investors and hedge funds 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.