Analysts Set M&T Bank Corporation (NYSE:MTB) Price Target at $212.53

Shares of M&T Bank Corporation (NYSE:MTB) have received a consensus rating of “Moderate Buy” from the twenty-one research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and thirteen have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $210.63.

A number of research firms have issued reports on MTB. Barclays reduced their target price on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 15th. DA Davidson reduced their target price on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Truist Financial dropped their price target on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Finally, Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the stock a “buy” rating in a research report on Wednesday, May 21st.

M&T Bank Trading Up 1.7%

M&T Bank stock opened at $184.74 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $176.69 and a two-hundred day moving average price of $184.29. The firm has a market capitalization of $29.65 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.32 and a beta of 0.62. M&T Bank has a 52-week low of $145.25 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same period in the previous year, the firm earned $3.09 earnings per share. Sell-side analysts expect that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.92%. M&T Bank’s payout ratio is currently 36.17%.

Insider Buying and Selling

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director now directly owns 23,070 shares of the company’s stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MTB. Wellington Management Group LLP increased its position in shares of M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock worth $1,768,564,000 after acquiring an additional 2,460,315 shares in the last quarter. FMR LLC increased its position in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares in the last quarter. Norges Bank purchased a new position in shares of M&T Bank in the fourth quarter worth approximately $317,690,000. Nuveen LLC purchased a new position in shares of M&T Bank in the first quarter worth approximately $243,451,000. Finally, GAMMA Investing LLC increased its position in shares of M&T Bank by 18,471.2% in the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider’s stock worth $126,145,000 after acquiring an additional 701,905 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.