M&T Bank (NYSE:MTB) Rating Increased to Outperform at Robert W. Baird

M&T Bank (NYSE:MTBGet Rating) was upgraded by investment analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued on Friday, The Fly reports. The firm currently has a $200.00 price objective on the financial services provider’s stock, up from their previous price objective of $175.00. Robert W. Baird’s target price indicates a potential upside of 24.50% from the stock’s current price.

A number of other equities analysts have also commented on MTB. Wedbush boosted their price objective on M&T Bank from $187.00 to $212.00 in a research note on Thursday, April 21st. Piper Sandler upped their price target on M&T Bank from $200.00 to $210.00 in a research note on Wednesday, April 20th. Citigroup started coverage on M&T Bank in a research note on Thursday, March 24th. They set a “buy” rating on the stock. Morgan Stanley raised M&T Bank from an “underweight” rating to an “overweight” rating and upped their price target for the company from $179.00 to $238.00 in a research note on Thursday, April 21st. Finally, The Goldman Sachs Group upped their price target on M&T Bank from $183.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, April 4th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of “Buy” and a consensus target price of $194.62.

Shares of MTB stock opened at $160.64 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $28.82 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 0.95 and a beta of 0.86. The stock’s fifty day simple moving average is $169.47 and its 200 day simple moving average is $169.33. M&T Bank has a one year low of $128.46 and a one year high of $186.95.

M&T Bank (NYSE:MTBGet Rating) last posted its quarterly earnings data on Wednesday, April 20th. The financial services provider reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.24. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same period last year, the company earned $3.41 EPS. On average, research analysts anticipate that M&T Bank will post 14.11 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a stock repurchase program on Tuesday, February 22nd that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now directly owns 39,008 shares of the company’s stock, valued at $6,620,047.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher E. Kay sold 2,200 shares of M&T Bank stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $178.83, for a total value of $393,426.00. Following the transaction, the executive vice president now owns 5,350 shares of the company’s stock, valued at $956,740.50. The disclosure for this sale can be found here. Insiders sold 7,725 shares of company stock valued at $1,335,332 over the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MTB. Richwood Investment Advisors LLC bought a new position in shares of M&T Bank during the 4th quarter worth approximately $25,000. Riverview Trust Co bought a new position in shares of M&T Bank during the 1st quarter worth approximately $27,000. CVA Family Office LLC bought a new position in shares of M&T Bank during the 4th quarter worth approximately $31,000. Bank of New Hampshire bought a new position in shares of M&T Bank during the 1st quarter worth approximately $34,000. Finally, Cordasco Financial Network bought a new position in shares of M&T Bank during the 1st quarter worth approximately $34,000. Institutional investors own 87.61% of the company’s stock.

About M&T Bank (Get Rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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