M&T Bank (NYSE:MTB) Receives Overweight Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of M&T Bank (NYSE:MTBFree Report) in a research report sent to investors on Friday, Benzinga reports. They currently have a $164.00 target price on the financial services provider’s stock.

Several other research analysts have also recently issued reports on MTB. Evercore ISI upped their price objective on M&T Bank from $146.00 to $157.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Royal Bank of Canada reissued an outperform rating and issued a $160.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. StockNews.com downgraded M&T Bank from a hold rating to a sell rating in a report on Friday, May 3rd. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $162.00 to $170.00 and gave the company a market perform rating in a report on Tuesday, April 16th. Finally, Wedbush reissued an outperform rating and issued a $170.00 target price on shares of M&T Bank in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $159.79.

Check Out Our Latest Analysis on MTB

M&T Bank Trading Down 0.2 %

NYSE:MTB opened at $147.51 on Friday. The stock has a 50-day simple moving average of $147.45 and a 200-day simple moving average of $141.50. The stock has a market cap of $24.61 billion, a P/E ratio of 9.97, a P/E/G ratio of 2.90 and a beta of 0.78. M&T Bank has a 1 year low of $108.53 and a 1 year high of $156.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.00.

M&T Bank (NYSE:MTBGet Free Report) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the prior year, the company posted $4.09 earnings per share. As a group, analysts anticipate that M&T Bank will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.66%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, June 3rd. M&T Bank’s dividend payout ratio is 36.51%.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Kirk W. Walters sold 16,179 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $148.01, for a total value of $2,394,653.79. Following the sale, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. In the last three months, insiders sold 97,553 shares of company stock valued at $14,724,147. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Abich Financial Wealth Management LLC grew its holdings in shares of M&T Bank by 49.9% in the 1st quarter. Abich Financial Wealth Management LLC now owns 790 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 263 shares during the period. Keynote Financial Services LLC acquired a new stake in shares of M&T Bank in the 1st quarter worth approximately $1,690,000. EverSource Wealth Advisors LLC grew its holdings in M&T Bank by 53.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,243 shares of the financial services provider’s stock valued at $179,000 after buying an additional 432 shares during the last quarter. Cetera Advisors LLC grew its holdings in M&T Bank by 168.9% during the 1st quarter. Cetera Advisors LLC now owns 18,253 shares of the financial services provider’s stock valued at $2,655,000 after buying an additional 11,465 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in M&T Bank by 115.9% during the 1st quarter. Cetera Investment Advisers now owns 35,465 shares of the financial services provider’s stock valued at $5,158,000 after buying an additional 19,041 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

(Get Free Report)

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.

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Analyst Recommendations for M&T Bank (NYSE:MTB)

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