Truist Financial Reaffirms Buy Rating for M&T Bank (NYSE:MTB)

M&T Bank (NYSE:MTB)‘s stock had its “buy” rating reaffirmed by equities research analysts at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $236.00 price objective on the financial services provider’s stock, up from their prior price objective of $233.00. Truist Financial’s target price would suggest a potential upside of 20.28% from the company’s current price.

A number of other equities analysts have also recently weighed in on MTB. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and upped their price target for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Wedbush upped their target price on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Piper Sandler lifted their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Wells Fargo & Company boosted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $217.03.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $0.11 during trading on Friday, hitting $196.21. 393,481 shares of the stock traded hands, compared to its average volume of 1,318,115. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average price of $202.90 and a two-hundred day moving average price of $183.07. M&T Bank has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 2.16 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same period in the previous year, the business earned $2.74 earnings per share. As a group, equities analysts predict that M&T Bank will post 14.58 EPS for the current year.

Insider Activity

In other M&T Bank news, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the sale, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. This represents a 20.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,994 shares of company stock valued at $17,211,278 in the last 90 days. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTB. FMR LLC raised its stake in shares of 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 acquiring an additional 1,508,846 shares in the last quarter. State Street Corp increased its stake in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares during the period. Marshall Wace LLP lifted its stake in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after acquiring an additional 472,997 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank in the third quarter worth approximately $44,422,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 shares in the last quarter. Hedge funds and other institutional investors 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.