M&T Bank (NYSE:MTB) Price Target Lowered to $217.00 at Truist Financial

M&T Bank (NYSE:MTB) had its price target lowered by Truist Financial from $227.00 to $217.00 in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also issued reports on MTB. Jefferies Financial Group lifted their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Evercore ISI lifted their price objective on shares of M&T Bank from $222.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Cantor Fitzgerald assumed coverage on shares of M&T Bank in a report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price objective on the stock. Piper Sandler assumed coverage on shares of M&T Bank in a report on Monday, October 6th. They set an “overweight” rating and a $225.00 price objective on the stock. Finally, UBS Group lifted their price objective on shares of M&T Bank from $207.00 to $208.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $216.97.

M&T Bank Stock Performance

M&T Bank stock opened at $180.63 on Friday. The firm has a market capitalization of $28.23 billion, a P/E ratio of 11.12, a price-to-earnings-growth ratio of 0.89 and a beta of 0.62. The company’s 50-day moving average is $194.83 and its 200 day moving average is $186.25. M&T Bank has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.91 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 EPS for the quarter. The business had revenue of $1.54 billion for the quarter. M&T Bank had a net margin of 20.91% and a return on equity of 10.62%. Research analysts forecast that M&T Bank will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 2nd. This is an increase from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.3%. M&T Bank’s payout ratio is presently 38.86%.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director owned 17,866 shares of the company’s stock, valued at $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,738 shares of company stock worth $3,734,612. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in MTB. Wellington Management Group LLP lifted its stake in shares of M&T Bank by 33.1% during the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock worth $1,768,564,000 after buying an additional 2,460,315 shares during the period. Nuveen LLC purchased a new position in shares of M&T Bank during the first quarter worth $243,451,000. Invesco Ltd. raised its holdings in shares of M&T Bank by 15.2% during the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock worth $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Canoe Financial LP raised its holdings in shares of M&T Bank by 24,443.7% during the second quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock worth $57,325,000 after purchasing an additional 294,302 shares during the last quarter. Finally, Brandywine Global Investment Management LLC raised its holdings in shares of M&T Bank by 390.5% during the first quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider’s stock worth $62,474,000 after purchasing an additional 278,246 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.