M&T Bank (NYSE:MTB) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of M&T Bank (NYSE:MTB) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $160.00 price target on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Evercore ISI increased their price objective on M&T Bank from $146.00 to $157.00 and gave the company an in-line rating in a report on Thursday, March 28th. Morgan Stanley increased their price objective on M&T Bank from $160.00 to $179.00 and gave the company an overweight rating in a report on Wednesday, February 7th. Wedbush reiterated an outperform rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Piper Sandler decreased their price objective on M&T Bank from $156.00 to $152.00 and set an overweight rating for the company in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. increased their price objective on M&T Bank from $160.00 to $170.00 and gave the company a neutral rating in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of Hold and a consensus target price of $158.48.

M&T Bank Stock Up 2.9 %

M&T Bank stock opened at $143.38 on Tuesday. The business has a fifty day moving average of $139.96 and a two-hundred day moving average of $132.96. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market cap of $23.89 billion, a P/E ratio of 9.69, a P/E/G ratio of 1.16 and a beta of 0.80. M&T Bank has a twelve month low of $108.53 and a twelve month high of $148.23.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the prior year, the company earned $4.09 EPS. On average, analysts forecast that M&T Bank will post 13.95 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is 35.16%.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $137.91, for a total transaction of $230,999.25. Following the sale, the executive vice president now directly owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of the 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 disclosure for this sale can be found here. In the last three months, insiders have sold 37,119 shares of company stock valued at $5,341,012. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently modified their holdings of MTB. Raymond James & Associates grew its position in shares of M&T Bank by 7.0% during the 1st quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock valued at $2,692,000 after acquiring an additional 8,765 shares during the period. American Century Companies Inc. grew its position in shares of M&T Bank by 112.8% during the 1st quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock valued at $1,658,000 after acquiring an additional 43,979 shares during the period. US Bancorp DE grew its position in shares of M&T Bank by 9.4% during the 1st quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 1,304 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of M&T Bank by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock valued at $1,187,000 after acquiring an additional 4,175 shares during the period. Finally, AlphaCrest Capital Management LLC acquired a new stake in shares of M&T Bank during the 1st quarter valued at about $306,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.