M&T Bank (NYSE:MTB) Receives “Buy” Rating from Truist Financial

Truist Financial restated their buy rating on shares of M&T Bank (NYSE:MTB) in a report released on Friday morning,Benzinga reports. Truist Financial currently has a $236.00 price target on the financial services provider’s stock, up from their previous price target of $233.00.

Several other equities research analysts have also recently weighed in on the stock. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Citigroup cut 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 report on Monday, November 25th. Compass Point increased their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods raised their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Stock Up 0.4 %

Shares of MTB opened at $196.88 on Friday. The business’s 50 day simple moving average is $202.66 and its 200-day simple moving average is $183.16. M&T Bank has a one year low of $128.31 and a one year high of $225.70. The company has a market capitalization of $32.67 billion, a P/E ratio of 14.57, a PEG ratio of 2.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

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

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.74%. M&T Bank’s payout ratio is 39.97%.

Insider Transactions at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % 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 valued at $17,211,278 over the last 90 days. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of M&T Bank during the 3rd quarter worth approximately $44,000. Principal Financial Group Inc. grew its position in M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares in the last quarter. Smead Capital Management Inc. increased its stake in M&T Bank by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after buying an additional 16,657 shares during the last quarter. National Pension Service lifted its position in M&T Bank by 5.2% during the 3rd quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock worth $47,761,000 after buying an additional 13,302 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of M&T Bank by 6.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after buying an additional 2,883 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.