Keefe, Bruyette & Woods Increases M&T Bank (NYSE:MTB) Price Target to $170.00

M&T Bank (NYSE:MTB) had its price objective boosted by equities research analysts at Keefe, Bruyette & Woods from $162.00 to $170.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 22.27% from the company’s previous close.

Several other research analysts have also issued reports on MTB. Evercore ISI raised their price target on M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Piper Sandler reduced their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a research report on Friday, January 19th. JPMorgan Chase & Co. raised their price target on M&T Bank from $160.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. DA Davidson reiterated a “neutral” rating and set a $159.00 target price on shares of M&T Bank in a report on Wednesday, March 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $157.98.

M&T Bank Stock Up 1.2 %

NYSE MTB opened at $139.04 on Tuesday. The stock has a fifty day moving average of $139.61 and a 200-day moving average of $132.77. The stock has a market capitalization of $23.17 billion, a P/E ratio of 9.40, a price-to-earnings-growth ratio of 1.30 and a beta of 0.80. M&T Bank has a 52 week low of $108.53 and a 52 week high of $148.23. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the business earned $4.09 earnings per share. On average, equities research analysts forecast that M&T Bank will post 13.89 EPS for the current year.

Insider Activity

In other news, EVP Doris P. Meister sold 1,675 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $137.91, for a total value of $230,999.25. Following the sale, the executive vice president now directly owns 8,961 shares in the company, valued at $1,235,811.51. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Doris P. Meister sold 1,675 shares of M&T Bank stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $137.91, for a total value of $230,999.25. Following the sale, the executive vice president now owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the sale, the director now directly owns 6,367 shares in the company, valued at approximately $923,215. The disclosure for this sale can be found here. Insiders have sold a total of 35,481 shares of company stock worth $5,114,624 over the last three months. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently modified their holdings of MTB. Virtu Financial LLC increased its position in shares of M&T Bank by 17,405.3% in the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after acquiring an additional 5,243,349 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in M&T Bank by 113.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider’s stock worth $42,949,000 after buying an additional 2,645,478 shares during the last quarter. Spring Creek Capital LLC increased its position in M&T Bank by 217.0% during the first quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock worth $66,759,000 after buying an additional 2,286,251 shares during the last quarter. Norges Bank acquired a new position in M&T Bank during the fourth quarter worth approximately $232,322,000. Finally, Goldman Sachs Group Inc. increased its position in M&T Bank by 76.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock worth $71,171,000 after buying an additional 1,538,436 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.