M&T Bank (NYSE:MTB) Now Covered by Truist Financial

Analysts at Truist Financial began coverage on shares of M&T Bank (NYSE:MTB) in a report issued on Tuesday,Benzinga 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 points to a potential upside of 20.71% from the company’s current price.

A number of other research firms have also commented on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Royal Bank of Canada boosted their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. DA Davidson boosted their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group boosted their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $216.86.

M&T Bank Price Performance

MTB opened at $193.02 on Tuesday. The company has a fifty day moving average price of $203.53 and a two-hundred day moving average price of $181.13. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank has a 52 week low of $128.31 and a 52 week high of $225.70. The firm has a market capitalization of $32.03 billion, a PE ratio of 14.29, a P/E/G ratio of 2.83 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, analysts anticipate that M&T Bank will post 14.63 earnings per share for the current year.

Insiders Place Their Bets

In other M&T Bank news, 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 sale, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. The trade was a 23.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,994 shares of company stock valued at $17,211,278 in the last three months. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MTB. FMR LLC boosted its position in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp boosted its position in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Marshall Wace LLP boosted its position in shares of M&T Bank by 232.1% during the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after acquiring an additional 472,997 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of M&T Bank during the 3rd quarter worth approximately $44,422,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 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.