M&T Bank (NYSE:MTB) Price Target Raised to $205.00 at Wells Fargo & Company

M&T Bank (NYSE:MTB) had its price target upped by Wells Fargo & Company from $190.00 to $205.00 in a research report released on Friday,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

A number of other brokerages have also commented on MTB. Evercore ISI boosted their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Wolfe Research raised 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 report on Friday, October 4th. Piper Sandler lifted their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $199.65.

M&T Bank Stock Up 0.7 %

MTB stock traded up $1.47 during midday trading on Friday, reaching $214.74. 849,133 shares of the company’s stock traded hands, compared to its average volume of 1,047,514. The company has a market cap of $35.63 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 2.98 and a beta of 0.74. The firm’s fifty day moving average price is $187.11 and its 200-day moving average price is $167.05. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 52 week low of $123.37 and a 52 week high of $216.84.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates 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, sell-side analysts forecast that M&T Bank will post 14.56 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity at M&T Bank

In other news, EVP John R. Taylor sold 1,436 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the sale, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. This represents a 20.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael J. Todaro sold 4,786 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total value of $1,024,682.60. Following the sale, the executive vice president now owns 2,787 shares in the company, valued at approximately $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 three months, insiders have sold 72,854 shares of company stock worth $13,637,588. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its stake in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp increased 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 valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Marshall Wace LLP raised its holdings 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 valued at $102,432,000 after buying an additional 472,997 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after buying an additional 319,051 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in M&T Bank in the 3rd quarter worth approximately $44,422,000. 84.68% of the stock is currently 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.