M&T Bank (NYSE:MTB) Now Covered by Truist Financial

Truist Financial started coverage on shares of M&T Bank (NYSE:MTB) in a report published on Tuesday morning,Benzinga reports. The brokerage issued a buy rating and a $233.00 price target on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Wells Fargo & Company boosted their target price on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Bank of America lifted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $216.86.

M&T Bank Stock Performance

Shares of MTB opened at $192.00 on Tuesday. 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 has a 12 month low of $128.31 and a 12 month high of $225.70. The firm has a fifty day simple moving average of $203.45 and a 200 day simple moving average of $181.44. The stock has a market capitalization of $31.86 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 2.79 and a beta of 0.76.

M&T Bank (NYSE:MTB) last posted 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 return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Research analysts forecast that M&T Bank will post 14.63 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders 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 annualized dividend and a dividend yield of 2.81%. M&T Bank’s dividend payout ratio is presently 39.97%.

Insider Buying and Selling at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $195.03, for a total value of $280,063.08. Following the transaction, the executive vice president now owns 5,618 shares in the company, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,994 shares of company stock valued at $17,211,278. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in MTB. Hedeker Wealth LLC grew its position in M&T Bank by 1.6% in the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 57 shares during the last quarter. Crestwood Advisors Group LLC increased its stake in shares of M&T Bank by 1.9% in the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 57 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the period. Finally, Meitav Investment House Ltd. grew its stake in M&T Bank by 3.1% in the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after buying an additional 69 shares in the last quarter. Hedge funds and other institutional investors 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.