Piper Sandler Boosts M&T Bank (NYSE:MTB) Price Target to $164.00

M&T Bank (NYSE:MTB) had its target price increased by Piper Sandler from $152.00 to $164.00 in a report released on Wednesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on MTB. DA Davidson reiterated a neutral rating and set a $159.00 price target on shares of M&T Bank in a research report on Tuesday, April 16th. Evercore ISI raised their price objective on M&T Bank from $146.00 to $157.00 and gave the company an in-line rating in a report on Thursday, March 28th. Royal Bank of Canada reissued an outperform rating and issued a $160.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $162.00 to $170.00 and gave the company a market perform rating in a report on Tuesday, April 16th. Finally, Jefferies Financial Group raised their price objective on M&T Bank from $151.00 to $160.00 and gave the company a hold rating in a report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $159.79.

M&T Bank Trading Down 0.6 %

Shares of NYSE:MTB opened at $142.18 on Wednesday. M&T Bank has a 52-week low of $108.53 and a 52-week high of $156.65. The stock has a market cap of $23.72 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 2.81 and a beta of 0.78. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $146.49 and a 200-day moving average price of $140.77.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter in the prior year, the business posted $4.09 earnings per share. Equities analysts predict that M&T Bank will post 14.04 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.80%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is 36.51%.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now owns 3,362 shares of the company’s stock, valued at $464,662.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total value of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares in the company, valued at $1,319,278.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,553 shares of company stock valued at $14,724,147. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC purchased a new stake in M&T Bank in the fourth quarter valued at $25,000. General Partner Inc. purchased a new stake in M&T Bank in the first quarter valued at $27,000. Headinvest LLC purchased a new stake in M&T Bank in the third quarter valued at $29,000. Fidelis Capital Partners LLC purchased a new stake in M&T Bank in the first quarter valued at $30,000. Finally, BKM Wealth Management LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

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.