M&T Bank (NYSE:MTB) Upgraded to “Outperform” by Wolfe Research

Wolfe Research upgraded shares of M&T Bank (NYSE:MTB) from a peer perform rating to an outperform rating in a research note published on Friday, Marketbeat.com reports. The brokerage currently has $210.00 price target on the financial services provider’s stock.

MTB has been the topic of several other reports. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $170.00 to $180.00 and gave the company a market perform rating in a research report on Friday, July 19th. Piper Sandler boosted their price objective on M&T Bank from $164.00 to $190.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Citigroup raised their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a buy rating in a research note on Friday, July 19th. Morgan Stanley upped their price target on shares of M&T Bank from $195.00 to $220.00 and gave the stock an overweight rating in a research report on Monday, August 5th. Finally, Evercore ISI upgraded shares of M&T Bank from an in-line rating to an outperform rating and raised their price objective for the company from $187.00 to $210.00 in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $185.75.

M&T Bank Stock Performance

MTB stock opened at $177.83 on Friday. The stock’s 50 day simple moving average is $168.84 and its 200 day simple moving average is $155.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $108.53 and a 12-month high of $180.63. The stock has a market capitalization of $29.67 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 3.55 and a beta of 0.75.

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

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s payout ratio is presently 36.51%.

Insiders Place Their Bets

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated 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 owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the company’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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction 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 sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,699 shares of company stock valued at $5,115,349 over the last quarter. 0.82% of the stock is owned by insiders.

Institutional Trading of M&T Bank

Several hedge funds have recently made changes to their positions in MTB. Heartwood Wealth Advisors LLC acquired a new position in shares of M&T Bank in the third quarter worth $210,000. Mather Group LLC. grew its stake in M&T Bank by 5.0% during the 3rd quarter. Mather Group LLC. now owns 2,599 shares of the financial services provider’s stock worth $463,000 after purchasing an additional 123 shares in the last quarter. City Center Advisors LLC acquired a new position in M&T Bank during the 3rd quarter worth $234,000. Salvus Wealth Management LLC purchased a new stake in M&T Bank during the 3rd quarter worth about $235,000. Finally, GAMMA Investing LLC raised its position in M&T Bank by 29.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,378 shares of the financial services provider’s stock valued at $602,000 after purchasing an additional 768 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.