M&T Bank (NYSE:MTB) Research Coverage Started at Raymond James Financial

Raymond James Financial started coverage on shares of M&T Bank (NYSE:MTB) in a report released on Tuesday, Marketbeat reports. The firm issued an outperform rating and a $250.00 target price on the financial services provider’s stock.

Several other research firms have also recently commented on MTB. Cantor Fitzgerald raised their target price on M&T Bank from $262.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research report on Tuesday, September 1st. Royal Bank Of Canada boosted their price target on M&T Bank from $230.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. decreased their price target on M&T Bank from $265.50 to $248.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Finally, Barclays raised their price target on M&T Bank from $236.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $250.21.

M&T Bank Price Performance

NYSE MTB opened at $217.55 on Tuesday. The company has a 50-day moving average price of $235.88 and a two-hundred day moving average price of $228.09. M&T Bank has a 52 week low of $174.76 and a 52 week high of $255.95. The stock has a market cap of $31.42 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 1.23 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same quarter in the previous year, the company posted $4.28 earnings per share. Analysts forecast that M&T Bank will post 19.42 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, September 1st. M&T Bank’s dividend payout ratio (DPR) is currently 31.68%.

Insider Activity at M&T Bank

In other M&T Bank news, CEO René Jones sold 19,396 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer directly owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director directly owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 20,028 shares of company stock worth $4,794,884. 0.44% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in M&T Bank during the second quarter worth about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after acquiring an additional 26,486 shares in the last quarter. Davis Asset Management L.P. acquired a new stake in M&T Bank in the 2nd quarter valued at about $97,584,000. Hsbc Holdings PLC lifted its holdings in M&T Bank by 18.9% in the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after acquiring an additional 62,877 shares during the last quarter. Finally, Amundi lifted its holdings in M&T Bank by 7.7% in the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after acquiring an additional 27,795 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.