Truist Financial Begins Coverage on M&T Bank (NYSE:MTB)

Research analysts at Truist Financial assumed coverage on shares of M&T Bank (NYSE:MTB) in a report released on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $233.00 price target on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 21.95% from the company’s previous close.

MTB has been the topic of several other reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price target (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. Finally, Evercore ISI lifted their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $216.86.

M&T Bank Stock Down 0.5 %

M&T Bank stock opened at $191.06 on Tuesday. The firm has a 50 day simple moving average of $203.32 and a 200 day simple moving average of $181.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 1-year low of $128.31 and a 1-year high of $225.70. The firm has a market capitalization of $31.70 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 2.79 and a beta of 0.79.

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, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, analysts predict that M&T Bank will post 14.63 earnings per share for the current year.

Insider Buying and Selling

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 84,994 shares of company stock worth $17,211,278 in the last 90 days. 0.82% of the stock is owned by company insiders.

Institutional Trading of M&T Bank

Several large investors have recently modified their holdings of the business. TD Asset Management Inc lifted its holdings in M&T Bank by 3.5% in the 2nd quarter. TD Asset Management Inc now owns 64,460 shares of the financial services provider’s stock worth $9,757,000 after buying an additional 2,178 shares during the period. Private Advisor Group LLC raised its holdings in shares of M&T Bank by 1.8% during the second quarter. Private Advisor Group LLC now owns 26,820 shares of the financial services provider’s stock valued at $4,061,000 after acquiring an additional 479 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in M&T Bank in the second quarter worth $547,000. Caprock Group LLC boosted its holdings in M&T Bank by 69.5% in the second quarter. Caprock Group LLC now owns 9,683 shares of the financial services provider’s stock valued at $1,466,000 after acquiring an additional 3,970 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in M&T Bank by 9.7% in the 2nd quarter. Ballentine Partners LLC now owns 1,628 shares of the financial services provider’s stock worth $246,000 after purchasing an additional 144 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

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.