Morgan Stanley Boosts M&T Bank (NYSE:MTB) Price Target to $220.00

M&T Bank (NYSE:MTB) had its target price boosted by Morgan Stanley from $195.00 to $220.00 in a research report sent to investors on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on MTB. Wells Fargo & Company upped their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an equal weight rating in a research note on Tuesday, April 16th. DA Davidson upped their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a neutral rating in a research note on Friday, July 19th. Bank of America upped their price target on shares of M&T Bank from $160.00 to $188.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a market perform rating in a research note on Friday, July 19th. Finally, Wedbush reiterated an outperform rating and issued a $170.00 price target on shares of M&T Bank in a research note on Wednesday, April 10th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has a consensus rating of Hold and a consensus price target of $172.92.

M&T Bank Stock Up 0.2 %

Shares of NYSE:MTB traded up $0.34 during midday trading on Monday, reaching $160.31. The company’s stock had a trading volume of 959,097 shares, compared to its average volume of 1,046,213. The firm has a 50 day moving average of $154.28 and a 200-day moving average of $146.55. The firm has a market capitalization of $26.75 billion, a P/E ratio of 10.90, a PEG ratio of 3.34 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $108.53 and a 12-month high of $176.44.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period in the prior year, the firm earned $5.12 EPS. On average, research analysts anticipate that M&T Bank will post 14.24 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is 36.51%.

Insider Transactions at M&T Bank

In other news, Director Kirk W. Walters sold 7,767 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $152.39, for a total value of $1,183,613.13. Following the transaction, the director now owns 6,348 shares in the company, valued at approximately $967,371.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kirk W. Walters sold 7,767 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $152.39, for a total value of $1,183,613.13. Following the completion of the sale, the director now directly owns 6,348 shares of the company’s stock, valued at approximately $967,371.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The disclosure for this sale can be found here. Insiders have sold 61,986 shares of company stock worth $9,730,154 in the last quarter. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DAVENPORT & Co LLC grew its holdings in M&T Bank by 4.4% during the 4th quarter. DAVENPORT & Co LLC now owns 3,276 shares of the financial services provider’s stock valued at $449,000 after buying an additional 139 shares in the last quarter. Arizona State Retirement System grew its holdings in M&T Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 45,609 shares of the financial services provider’s stock valued at $6,252,000 after buying an additional 356 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in M&T Bank during the 4th quarter valued at approximately $11,759,000. Prime Capital Investment Advisors LLC purchased a new stake in M&T Bank during the 4th quarter valued at approximately $227,000. Finally, DekaBank Deutsche Girozentrale grew its holdings in M&T Bank by 29.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 36,218 shares of the financial services provider’s stock valued at $5,017,000 after buying an additional 8,315 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other 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.