Barclays Increases M&T Bank (NYSE:MTB) Price Target to $228.00

M&T Bank (NYSE:MTB) had its price objective upped by investment analysts at Barclays from $170.00 to $228.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 15.53% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the company. Citigroup lifted their price objective on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Piper Sandler raised their price objective on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $170.00 to $165.00 in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group boosted their target price on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $192.94.

M&T Bank Price Performance

Shares of MTB stock traded down $1.52 during mid-day trading on Friday, hitting $197.35. 267,292 shares of the stock were exchanged, compared to its average volume of 1,032,773. M&T Bank has a 52-week low of $108.53 and a 52-week high of $200.94. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $32.93 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. The firm has a fifty day moving average of $172.23 and a 200 day moving average of $158.27.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the business posted $5.12 earnings per share. Research analysts anticipate that M&T Bank will post 14.16 earnings per share for the current year.

Insider Activity at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now directly owns 15,045 shares of the company’s stock, valued at approximately $2,617,378.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the sale, the director now owns 15,045 shares in the company, valued at $2,617,378.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the sale, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds have recently added to or reduced their stakes in MTB. Ontario Teachers Pension Plan Board grew its position in shares of M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares during the last quarter. Leuthold Group LLC bought a new stake in shares of M&T Bank in the 1st quarter worth approximately $3,125,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its position in shares of M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after purchasing an additional 12,304 shares during the period. 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.