M&T Bank (NYSE:MTB) Price Target Raised to $243.00 at Piper Sandler

M&T Bank (NYSE:MTB) had its price target raised by equities researchers at Piper Sandler from $205.00 to $243.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 9.34% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Friday, October 4th. Evercore ISI increased their price objective on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $230.00 in a research report on Monday. Finally, JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average price target of $206.41.

M&T Bank Price Performance

MTB traded up $1.49 during trading on Wednesday, reaching $222.24. The stock had a trading volume of 181,360 shares, compared to its average volume of 1,037,537. The business has a 50-day moving average of $193.89 and a 200-day moving average of $170.70. M&T Bank has a one year low of $123.46 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $36.87 billion, a PE ratio of 16.44, a PEG ratio of 3.13 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, equities research analysts anticipate that M&T Bank will post 14.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. This represents a 36.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael J. Todaro sold 4,786 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the sale, the executive vice president now owns 2,787 shares in the company, valued at $596,696.70. This represents a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,383 shares of company stock worth $17,925,801. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

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