M&T Bank (NYSE:MTB) Upgraded to Outperform at Wolfe Research

Wolfe Research upgraded shares of M&T Bank (NYSE:MTB) from a peer perform rating to an outperform rating in a research report report published on Friday morning, MarketBeat Ratings reports. The firm currently has $210.00 price objective on the financial services provider’s stock.

MTB has been the subject of several other reports. Piper Sandler lifted their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an overweight rating in a research note on Monday, July 22nd. Royal Bank of Canada upped their price objective on M&T Bank from $160.00 to $174.00 and gave the company an outperform rating in a report on Friday, July 19th. Morgan Stanley raised their target price on M&T Bank from $195.00 to $220.00 and gave the stock an overweight rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised M&T Bank from a neutral rating to an overweight rating and upped their price target for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group raised their price objective on M&T Bank from $160.00 to $161.00 and gave the stock a hold rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $185.75.

M&T Bank Price Performance

NYSE MTB traded up $6.40 during trading hours on Friday, hitting $178.74. 1,105,237 shares of the company’s stock traded hands, compared to its average volume of 1,023,173. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50-day moving average is $168.84 and its 200-day moving average is $155.72. M&T Bank has a 52-week low of $108.53 and a 52-week high of $180.63. The company has a market capitalization of $29.82 billion, a PE ratio of 12.09, a PEG ratio of 3.55 and a beta of 0.75.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter last year, the business posted $5.12 earnings per share. Equities analysts forecast that M&T Bank will post 14.23 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares in the company, valued at $5,476,225.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the sale, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently bought and sold shares of MTB. Marshall Wace LLP boosted its holdings in shares of 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 valued at $102,432,000 after acquiring an additional 472,997 shares during the period. Los Angeles Capital Management LLC boosted its stake in M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after purchasing an additional 319,051 shares during the period. Vest Financial LLC purchased a new position in M&T Bank during the 1st quarter worth $18,147,000. Dimensional Fund Advisors LP increased its stake in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after purchasing an additional 93,113 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of M&T Bank by 195.1% in the first quarter. National Bank of Canada FI now owns 126,773 shares of the financial services provider’s stock valued at $19,480,000 after buying an additional 83,814 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.