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

M&T Bank (NYSE:MTB) had its price target lifted by The Goldman Sachs Group from $216.00 to $243.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also commented on MTB. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson increased their target price on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Bank of America boosted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Evercore ISI lifted their target price 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, Morgan Stanley boosted their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $206.41.

M&T Bank Stock Performance

Shares of MTB stock opened at $220.80 on Tuesday. The company has a market cap of $36.64 billion, a P/E ratio of 16.34, a PEG ratio of 3.13 and a beta of 0.74. The firm has a fifty day moving average price of $195.64 and a 200 day moving average price of $171.40. 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 has a 12 month low of $123.46 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Sell-side analysts predict that M&T Bank will post 14.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

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

Insider Activity

In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $195.03, for a total value 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 trade represents a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,383 shares of company stock valued at $17,925,801 over the last quarter. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds and other institutional investors have recently made changes to their positions in MTB. FMR LLC increased its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its holdings in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. increased its stake in M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Geode Capital Management LLC raised its holdings in M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after purchasing an additional 66,337 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in M&T Bank by 4.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.