Brokerages Set M&T Bank Corporation (NYSE:MTB) Target Price at $211.48

M&T Bank Corporation (NYSE:MTB) has been given an average rating of “Moderate Buy” by the twenty-one brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $211.48.

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Robert W. Baird reduced their target price on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Piper Sandler reduced their target price on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Finally, TD Cowen began coverage on M&T Bank in a report on Thursday, May 15th. They issued a “buy” rating and a $230.00 target price for the company.

M&T Bank Price Performance

MTB opened at $197.23 on Friday. The stock has a fifty day moving average of $187.52 and a 200-day moving average of $184.21. The firm has a market capitalization of $31.66 billion, a P/E ratio of 13.21, a PEG ratio of 1.44 and a beta of 0.63. M&T Bank has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same quarter in the previous year, the company earned $3.09 EPS. Equities analysts forecast that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank’s payout ratio is 36.17%.

Insider Buying and Selling

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares of the company’s stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently bought and sold shares of MTB. GAMMA Investing LLC grew its position in shares of M&T Bank by 26.4% in the second quarter. GAMMA Investing LLC now owns 4,989 shares of the financial services provider’s stock valued at $968,000 after purchasing an additional 1,041 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of M&T Bank by 62.0% in the second quarter. Farther Finance Advisors LLC now owns 4,416 shares of the financial services provider’s stock valued at $857,000 after purchasing an additional 1,690 shares during the last quarter. CX Institutional grew its position in shares of M&T Bank by 16.5% in the second quarter. CX Institutional now owns 1,580 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 224 shares during the last quarter. Canoe Financial LP grew its position in shares of M&T Bank by 24,443.7% in the second quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock valued at $57,325,000 after purchasing an additional 294,302 shares during the last quarter. Finally, Family Legacy Financial Solutions LLC acquired a new stake in shares of M&T Bank in the second quarter valued at about $46,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.