M&T Bank (NYSE:MTB) Price Target Raised to $243.00 at Piper Sandler

M&T Bank (NYSE:MTB) had its price target hoisted by Piper Sandler from $205.00 to $243.00 in a research report sent to investors on Wednesday morning,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 company. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday. DA Davidson boosted their price objective on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Evercore ISI boosted their price objective on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $220.00 to $230.00 in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $206.41.

M&T Bank Stock Up 0.0 %

NYSE:MTB opened at $220.80 on Wednesday. The firm 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 stock has a 50 day moving average of $194.82 and a 200-day moving average of $171.05. M&T Bank has a 52 week low of $123.46 and a 52 week 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.

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, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Analysts predict that M&T Bank will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Insider Activity

In other news, EVP John R. Taylor sold 1,436 shares of the stock in a transaction on 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 sale, the executive vice president now owns 5,618 shares in the company, valued at approximately $1,095,678.54. This represents a 20.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction on 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 sale, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. This trade represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,383 shares of company stock worth $17,925,801. Insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Several large investors have recently added to or reduced their stakes in MTB. FMR LLC raised its stake in M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the period. State Street Corp raised its stake in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Marshall Wace LLP raised its stake in M&T Bank by 232.1% during the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after purchasing an additional 472,997 shares during the period. Los Angeles Capital Management LLC raised its stake in M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank during the 3rd quarter valued at $44,422,000. 84.68% of the stock is owned by institutional investors and hedge funds.

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.