Truist Financial Begins Coverage on M&T Bank (NYSE:MTB)

Truist Financial initiated coverage on shares of M&T Bank (NYSE:MTB) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $233.00 price target on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 21.95% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Wedbush increased their price target on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research report on Friday, October 4th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank has an average rating of “Hold” and an average price target of $216.86.

M&T Bank Stock Down 0.5 %

NYSE:MTB opened at $191.06 on Tuesday. M&T Bank has a one year low of $128.31 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $31.70 billion, a PE ratio of 14.14, a P/E/G ratio of 2.79 and a beta of 0.79. The firm’s 50 day simple moving average is $203.32 and its 200 day simple moving average is $181.51.

M&T Bank (NYSE:MTB) last issued its quarterly 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 company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. On average, research analysts anticipate that M&T Bank will post 14.63 earnings per share for the current year.

Insider Activity at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total value of $3,879,400.00. Following the completion of the sale, the director now directly owns 49,960 shares of the company’s stock, valued at $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,994 shares of company stock valued at $17,211,278. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently bought and sold shares of the stock. TD Asset Management Inc lifted its position in shares of M&T Bank by 3.5% during the second quarter. TD Asset Management Inc now owns 64,460 shares of the financial services provider’s stock valued at $9,757,000 after purchasing an additional 2,178 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of M&T Bank by 1.8% during the 2nd quarter. Private Advisor Group LLC now owns 26,820 shares of the financial services provider’s stock worth $4,061,000 after buying an additional 479 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of M&T Bank in the 2nd quarter worth approximately $547,000. Caprock Group LLC grew its holdings in shares of M&T Bank by 69.5% in the second quarter. Caprock Group LLC now owns 9,683 shares of the financial services provider’s stock valued at $1,466,000 after acquiring an additional 3,970 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in shares of M&T Bank by 9.7% during the second quarter. Ballentine Partners LLC now owns 1,628 shares of the financial services provider’s stock valued at $246,000 after acquiring an additional 144 shares during the last quarter. 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.