DA Davidson Boosts M&T Bank (NYSE:MTB) Price Target to $185.00

M&T Bank (NYSE:MTB) had its price target lifted by DA Davidson from $159.00 to $185.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

MTB has been the subject of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an equal weight rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Bank of America boosted their price objective on shares of M&T Bank from $157.00 to $160.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Piper Sandler reaffirmed an overweight rating and set a $164.00 price target on shares of M&T Bank in a research report on Friday, June 21st. Finally, Jefferies Financial Group upped their price target on shares of M&T Bank from $160.00 to $161.00 and gave the stock a hold rating in a research report on Wednesday, July 3rd. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank has an average rating of Hold and a consensus target price of $166.79.

M&T Bank Stock Performance

Shares of MTB opened at $165.25 on Friday. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market cap of $27.57 billion, a P/E ratio of 11.17, a PEG ratio of 3.86 and a beta of 0.77. The company has a 50-day moving average of $150.48 and a two-hundred day moving average of $143.82. M&T Bank has a 12-month low of $108.53 and a 12-month high of $175.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter in the previous year, the business posted $5.12 earnings per share. As a group, research analysts predict that M&T Bank will post 13.95 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.27%. M&T Bank’s dividend payout ratio is 36.51%.

Insider Activity

In other news, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $147.00, for a total value of $1,963,920.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at $5,215,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the sale, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at $5,215,560. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,915 shares of company stock worth $14,497,759. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of M&T Bank

Several institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its holdings in M&T Bank by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after acquiring an additional 4,419 shares in the last quarter. Norges Bank acquired a new stake in M&T Bank in the fourth quarter valued at $232,322,000. Dimensional Fund Advisors LP raised its holdings in M&T Bank by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after acquiring an additional 100,008 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of M&T Bank by 8.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after purchasing an additional 41,523 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after purchasing an additional 35,692 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.