M&T Bank’s (MTB) Buy Rating Reaffirmed at Truist Financial

M&T Bank (NYSE:MTB)‘s stock had its “buy” rating reiterated by research analysts at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $236.00 price target on the financial services provider’s stock, up from their previous price target of $233.00. Truist Financial’s target price indicates a potential upside of 20.28% from the company’s previous close.

MTB has been the topic of several other research reports. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a research report on Friday, October 4th. Compass Point upped their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Wedbush boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $217.03.

M&T Bank Price Performance

Shares of MTB traded up $0.11 during mid-day trading on Friday, reaching $196.21. 393,481 shares of the stock traded hands, compared to its average volume of 1,318,115. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79. M&T Bank has a 1 year low of $128.31 and a 1 year high of $225.70. The firm has a fifty day moving average price of $202.90 and a 200 day moving average price of $183.07. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same period in the prior year, the firm earned $2.74 earnings per share. As a group, equities research analysts predict that M&T Bank will post 14.58 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the sale, the chief executive officer now owns 77,226 shares in the company, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the transaction, the director now directly owns 49,960 shares of the company’s stock, valued at $9,690,741.20. The trade was a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,994 shares of company stock worth $17,211,278 in the last ninety days. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its position in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp boosted its holdings in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 shares during the period. Geode Capital Management LLC raised its holdings in shares of M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after purchasing an additional 66,337 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in M&T Bank by 3.2% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after purchasing an additional 43,795 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.