Bank of America Raises M&T Bank (NYSE:MTB) Price Target to $160.00

M&T Bank (NYSE:MTB) had its target price raised by Bank of America from $157.00 to $160.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Evercore ISI upped their price target on shares of M&T Bank from $146.00 to $157.00 and gave the company an in-line rating in a report on Thursday, March 28th. JPMorgan Chase & Co. boosted their price objective on shares of M&T Bank from $160.00 to $170.00 and gave the stock a neutral rating in a research report on Thursday, April 4th. Morgan Stanley boosted their price objective on shares of M&T Bank from $160.00 to $179.00 and gave the stock an overweight rating in a research report on Wednesday, February 7th. DA Davidson reissued a neutral rating and issued a $159.00 price objective on shares of M&T Bank in a research report on Wednesday, March 6th. Finally, Piper Sandler cut their price objective on shares of M&T Bank from $156.00 to $152.00 and set an overweight rating on the stock in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $158.48.

M&T Bank Stock Up 0.2 %

M&T Bank stock opened at $139.30 on Tuesday. The stock has a market capitalization of $23.21 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 1.26 and a beta of 0.80. M&T Bank has a twelve month low of $108.53 and a twelve month high of $148.23. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $139.76 and a 200-day moving average of $132.81.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter last year, the company earned $4.09 EPS. On average, equities research analysts anticipate that M&T Bank will post 13.93 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 3.73%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Insider Activity

In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now owns 6,367 shares in the company, valued at $923,215. The disclosure for this sale can be found here. Insiders have sold 35,481 shares of company stock valued at $5,114,624 over the last ninety days. 0.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On M&T Bank

Large investors have recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new stake in M&T Bank during the third quarter worth about $833,000. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of M&T Bank by 8.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,985 shares of the financial services provider’s stock worth $504,000 after acquiring an additional 305 shares during the last quarter. NBC Securities Inc. bought a new position in shares of M&T Bank in the third quarter worth about $299,000. Metis Global Partners LLC lifted its holdings in shares of M&T Bank by 15.2% in the third quarter. Metis Global Partners LLC now owns 7,063 shares of the financial services provider’s stock worth $893,000 after acquiring an additional 931 shares during the last quarter. Finally, Matrix Asset Advisors Inc. NY lifted its holdings in shares of M&T Bank by 15.7% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after acquiring an additional 12,590 shares during the last quarter. 84.68% of the stock is currently 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.