M&T Bank Corporation (NYSE:MTB) Stock Has Average Target Price of $244.89 According to Brokerages

Shares of M&T Bank Corporation (NYSE:MTB) have been assigned an average recommendation of “Hold” from the twenty-three brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $244.89.

MTB has been the topic of a number of recent research reports. Robert W. Baird boosted their target price on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Barclays raised their price target on M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Jefferies Financial Group cut their price target on M&T Bank from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Finally, Wells Fargo & Company boosted their price target on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th.

M&T Bank Trading Down 1.6%

Shares of NYSE MTB opened at $220.43 on Friday. M&T Bank has a 12 month low of $179.75 and a 12 month high of $255.95. The business has a fifty day simple moving average of $226.23 and a 200-day simple moving average of $225.03. The company has a market cap of $31.83 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.30 and a beta of 0.61. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB) last announced its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same period in the previous year, the business earned $4.82 EPS. Sell-side analysts predict that M&T Bank will post 19.48 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio (DPR) is presently 31.32%.

Insider Buying and Selling

In related news, CEO René Jones sold 19,396 shares of M&T Bank stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This trade represents a 15.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 20,028 shares of company stock worth $4,794,884. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in shares of M&T Bank in the 2nd quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after buying an additional 26,486 shares in the last quarter. Davis Asset Management L.P. bought a new stake in M&T Bank during the second quarter worth about $97,584,000. Hsbc Holdings PLC grew its stake in M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after buying an additional 62,877 shares during the last quarter. Finally, Amundi grew its stake in M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after buying an additional 27,795 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.