M&T Bank Co. (NYSE:MTB) Receives Average Recommendation of “Hold” from Brokerages

M&T Bank Co. (NYSE:MTB) has been assigned a consensus recommendation of “Hold” from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Nine analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $161.51.

A number of research firms have weighed in on MTB. 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. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $164.00 target price on shares of M&T Bank in a research note on Friday, June 21st. Wells Fargo & Company boosted their target price on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at $5,481,660. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at $5,481,660. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock worth $14,724,147 over the last quarter. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

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

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $151.73 on Wednesday. The company’s 50 day simple moving average is $148.41 and its 200 day simple moving average is $142.06. The stock has a market capitalization of $25.32 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 2.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. M&T Bank has a 1 year low of $108.53 and a 1 year high of $156.65.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate 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 period last year, the business earned $4.09 earnings per share. As a group, research analysts predict that M&T Bank will post 13.99 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a $1.35 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.56%. M&T Bank’s payout ratio is presently 36.51%.

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.