M&T Bank (NYSE:MTB) Upgraded by Evercore ISI to “Outperform”

Evercore ISI upgraded shares of M&T Bank (NYSE:MTB) from an in-line rating to an outperform rating in a research report released on Wednesday, MarketBeat reports. Evercore ISI currently has $210.00 target price on the financial services provider’s stock, up from their prior target price of $187.00.

A number of other analysts have also recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $170.00 to $180.00 and gave the stock a market perform rating in a research report on Friday, July 19th. DA Davidson increased their target price on M&T Bank from $159.00 to $185.00 and gave the stock a neutral rating in a research report on Friday, July 19th. Piper Sandler increased 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. Wedbush boosted their target price on shares of M&T Bank from $208.00 to $210.00 and gave the company an outperform rating in a report on Tuesday, September 24th. Finally, Wells Fargo & Company cut shares of M&T Bank from an equal weight rating to an underweight rating and lowered their price objective for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of Hold and an average target price of $185.75.

M&T Bank Stock Up 3.7 %

Shares of NYSE:MTB opened at $178.74 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $29.82 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 3.55 and a beta of 0.75. M&T Bank has a fifty-two week low of $108.53 and a fifty-two week high of $180.63. The firm’s 50-day simple moving average is $168.84 and its 200-day simple moving average is $155.83.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the firm earned $5.12 EPS. As a group, equities research analysts predict that M&T Bank will post 14.23 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the transaction, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,699 shares of company stock valued at $5,115,349 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTB. Meeder Advisory Services Inc. raised its position in M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after buying an additional 70 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of M&T Bank by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 70 shares in the last quarter. Umpqua Bank raised its stake in shares of M&T Bank by 5.3% during the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 73 shares in the last quarter. Fulton Bank N.A. lifted its holdings in shares of M&T Bank by 2.3% during the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock valued at $526,000 after buying an additional 81 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its stake in M&T Bank by 6.7% in the second quarter. Citizens Financial Group Inc. RI now owns 1,474 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 92 shares during the last quarter. 84.68% of the stock is currently 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.