The Goldman Sachs Group Issues Positive Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its price target raised by The Goldman Sachs Group from $216.00 to $243.00 in a research report report published on Tuesday,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. Barclays upped their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Morgan Stanley raised their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Evercore ISI boosted their price objective 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. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $220.00 to $230.00 in a report on Monday. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $203.29.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $220.77 on Tuesday. 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 firm has a 50-day simple moving average of $193.89 and a 200 day simple moving average of $170.70. M&T Bank has a fifty-two week low of $123.46 and a fifty-two week high of $225.70. The company has a market cap of $36.63 billion, a PE ratio of 16.34, a P/E/G ratio of 3.11 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.30 billion. On average, sell-side analysts anticipate that M&T Bank will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 annualized dividend and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio (DPR) is 39.97%.

Insider Transactions at M&T Bank

In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction 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 legal filing with the SEC, which is available through this link. Also, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock valued at $17,925,801 in the last quarter. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd raised its holdings in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of M&T Bank in the third quarter worth about $32,000. Hexagon Capital Partners LLC increased its position in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in shares of M&T Bank in the 2nd quarter valued at approximately $35,000. 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.