M&T Bank (NYSE:MTB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $180.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.32% from the stock’s current price.

According to Zacks, “Shares of M&T Bank have underperformed the industry over the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. Third quarter results reflect prudent efforts to reduce costs along with a rise in revenues, partially offset by lower loans and deposit balances. Top-line growth looks encouraging given its diverse fee income base and rising rates amid improving economy. Also, the bank’s involvement in steady capital-deployment activities boosts shareholders’ confidence. Its focus on expansion through inorganic growth opportunities bodes well for the long term. However, persistently rising expenses due to ongoing investments remains a concern. Also, significant exposure to commercial real estate loans acts as a headwind. Yet, M&T Bank remains well poised to reap benefits from rising interest rates and relaxed regulations.”

Other equities analysts have also recently issued reports about the stock. Vining Sparks reissued a “buy” rating and issued a $220.00 price objective on shares of M&T Bank in a research note on Tuesday, October 9th. Jefferies Financial Group reissued a “buy” rating and issued a $195.00 price objective on shares of M&T Bank in a research note on Friday, July 13th. Goldman Sachs Group raised shares of M&T Bank from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 26th. Morgan Stanley dropped their price objective on shares of M&T Bank from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Finally, Wedbush set a $188.00 price objective on shares of M&T Bank and gave the company a “hold” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. M&T Bank currently has an average rating of “Hold” and a consensus price target of $180.75.

Shares of M&T Bank stock traded up $2.39 during trading on Friday, reaching $163.16. The company’s stock had a trading volume of 27,694 shares, compared to its average volume of 908,158. The stock has a market capitalization of $23.28 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.04 and a beta of 0.94. M&T Bank has a fifty-two week low of $155.36 and a fifty-two week high of $197.37. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 1.06.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, October 17th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.35 by $0.18. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. M&T Bank had a net margin of 26.84% and a return on equity of 13.15%. During the same period in the previous year, the company posted $2.21 EPS. Analysts anticipate that M&T Bank will post 12.85 earnings per share for the current year.

In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MTB. Renaissance Technologies LLC boosted its position in shares of M&T Bank by 15,311.4% during the 2nd quarter. Renaissance Technologies LLC now owns 638,342 shares of the financial services provider’s stock worth $108,614,000 after purchasing an additional 634,200 shares in the last quarter. Millennium Management LLC boosted its position in shares of M&T Bank by 64.8% in the 2nd quarter. Millennium Management LLC now owns 1,341,236 shares of the financial services provider’s stock worth $228,211,000 after buying an additional 527,556 shares in the last quarter. FMR LLC boosted its position in shares of M&T Bank by 7.5% in the 2nd quarter. FMR LLC now owns 4,251,775 shares of the financial services provider’s stock worth $723,439,000 after buying an additional 297,143 shares in the last quarter. Unigestion Holding SA purchased a new stake in shares of M&T Bank in the 2nd quarter worth about $22,716,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of M&T Bank by 194.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 200,787 shares of the financial services provider’s stock worth $34,164,000 after buying an additional 132,600 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.

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