M&T Bank (NYSE:MTB) Price Target Raised to $174.00 at Royal Bank of Canada

M&T Bank (NYSE:MTB) had its price objective increased by Royal Bank of Canada from $160.00 to $174.00 in a research note published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

MTB has been the subject of a number of other reports. Jefferies Financial Group boosted their price objective on M&T Bank from $160.00 to $161.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Wells Fargo & Company boosted their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an equal weight rating in a report on Tuesday, April 16th. DA Davidson reaffirmed a neutral rating and set a $159.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the stock a neutral rating in a research note on Tuesday, April 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $170.00 to $180.00 and gave the company a market perform rating in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $170.17.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $170.87 on Friday. The company has a market capitalization of $28.51 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 3.86 and a beta of 0.77. 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 company’s fifty day moving average price is $150.83 and its 200 day moving average price is $144.07. M&T Bank has a 1 year low of $108.53 and a 1 year high of $175.00.

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

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.16%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is 36.51%.

Insider Buying and Selling at M&T Bank

In other news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on 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 transaction, the director now owns 34,545 shares in the company, valued at approximately $5,081,914.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other M&T Bank news, Director John P. Barnes sold 13,360 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,215,560. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the completion of the sale, the director now owns 34,545 shares in the company, valued at approximately $5,081,914.95. The disclosure for this sale can be found here. Insiders sold a total of 95,915 shares of company stock worth $14,497,759 in the last three months. 0.82% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently modified their holdings of MTB. Norges Bank acquired a new stake in shares of M&T Bank during the fourth quarter valued at about $232,322,000. Smead Capital Management Inc. acquired a new stake in M&T Bank in the 4th quarter valued at approximately $59,418,000. Los Angeles Capital Management LLC purchased a new stake in M&T Bank in the fourth quarter valued at approximately $34,645,000. Bank of Nova Scotia lifted its stake in M&T Bank by 1,155.9% during the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock worth $28,154,000 after purchasing an additional 189,038 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of M&T Bank by 127.6% during the fourth quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock worth $38,016,000 after buying an additional 155,487 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.