Citigroup Raises M&T Bank (NYSE:MTB) Price Target to $195.00

M&T Bank (NYSE:MTB) had its price objective hoisted by Citigroup from $180.00 to $195.00 in a research report released on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

A number of other research firms have also recently commented on MTB. DA Davidson raised their target price on M&T Bank from $159.00 to $185.00 and gave the company a neutral rating in a research note on Friday. Wells Fargo & Company raised their target price on M&T Bank from $145.00 to $150.00 and gave the company an equal weight rating in a research note on Tuesday, April 16th. Keefe, Bruyette & Woods raised their target price on M&T Bank from $170.00 to $180.00 and gave the company a market perform rating in a research note on Friday. Jefferies Financial Group raised their target price on M&T Bank from $160.00 to $161.00 and gave the company a hold rating in a research note on Wednesday, July 3rd. Finally, StockNews.com cut M&T Bank from a hold rating to a sell rating in a research note on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of Hold and a consensus target price of $166.79.

M&T Bank Trading Down 1.3 %

NYSE MTB opened at $165.25 on Friday. M&T Bank has a fifty-two week low of $108.53 and a fifty-two week high of $175.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The stock has a 50 day simple moving average of $150.48 and a two-hundred day simple moving average of $143.82. The stock has a market cap of $27.57 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 3.86 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter last year, the business posted $5.12 EPS. On average, analysts forecast that M&T Bank will post 13.95 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.27%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is currently 36.51%.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the completion of the sale, the director now owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher E. Kay sold 1,821 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the sale, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The disclosure for this sale can be found here. Insiders sold 95,915 shares of company stock valued at $14,497,759 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA boosted its stake in shares of M&T Bank by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after acquiring an additional 4,419 shares during the period. Norges Bank bought a new position in shares of M&T Bank in the fourth quarter worth about $232,322,000. Dimensional Fund Advisors LP boosted its stake in shares of M&T Bank by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after acquiring an additional 100,008 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of M&T Bank by 8.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after acquiring an additional 41,523 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after acquiring an additional 35,692 shares during the period. Institutional investors own 84.68% of the company’s stock.

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.