Analysts Set M&T Bank Co. (NYSE:MTB) Target Price at $198.71

Shares of M&T Bank Co. (NYSE:MTBGet Rating) have received an average recommendation of “Hold” from the sixteen research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $198.71.

A number of research analysts have recently commented on MTB shares. Jefferies Financial Group dropped their target price on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a report on Monday, July 11th. Wells Fargo & Company decreased their target price on shares of M&T Bank from $195.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Friday, July 1st. Robert W. Baird upgraded M&T Bank from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a research note on Friday, June 17th. Piper Sandler raised their price objective on M&T Bank from $200.00 to $210.00 in a report on Wednesday, April 20th. Finally, Wolfe Research lowered their target price on M&T Bank from $214.00 to $187.00 and set an “outperform” rating for the company in a report on Thursday, May 26th.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 2,200 shares of M&T Bank stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $178.83, for a total value of $393,426.00. Following the completion of the transaction, the executive vice president now directly owns 5,350 shares of the company’s stock, valued at approximately $956,740.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following 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 SEC, which can be accessed through this hyperlink. Also, EVP Christopher E. Kay sold 2,200 shares of M&T Bank stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the completion of the sale, the executive vice president now directly owns 5,350 shares of the company’s stock, valued at $956,740.50. The disclosure for this sale can be found here. Insiders have sold a total of 7,725 shares of company stock worth $1,335,332 over the last quarter. Company insiders own 0.73% of the company’s stock.

Institutional Trading of M&T Bank

Several large investors have recently made changes to their positions in MTB. Capital World Investors bought a new position in shares of M&T Bank in the first quarter valued at $982,517,000. M&T Bank Corp boosted its stake in M&T Bank by 97.4% during the 2nd quarter. M&T Bank Corp now owns 1,976,350 shares of the financial services provider’s stock valued at $307,359,000 after purchasing an additional 974,958 shares during the last quarter. BlackRock Inc. raised its stake in shares of M&T Bank by 8.8% in the first quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock worth $1,914,040,000 after purchasing an additional 915,914 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of M&T Bank by 9.9% in the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider’s stock valued at $1,459,815,000 after purchasing an additional 777,422 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $117,964,000. 87.61% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $178.77 on Wednesday. M&T Bank has a 1 year low of $131.42 and a 1 year high of $186.95. The stock has a market capitalization of $32.07 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 0.78 and a beta of 0.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 1.05. The company’s 50 day simple moving average is $167.16 and its 200 day simple moving average is $170.82.

M&T Bank (NYSE:MTBGet Rating) last issued its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.75 by ($1.67). M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same period in the prior year, the business posted $3.45 earnings per share. As a group, research analysts predict that M&T Bank will post 15.21 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Tuesday, May 31st. M&T Bank’s dividend payout ratio is currently 44.61%.

M&T Bank declared that its Board of Directors has authorized a share repurchase program on Tuesday, July 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

About M&T Bank

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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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Analyst Recommendations for M&T Bank (NYSE:MTB)

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