Citigroup Increases M&T Bank (NYSE:MTB) Price Target to $195.00

M&T Bank (NYSE:MTB) had its price objective upped by Citigroup from $180.00 to $195.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

MTB has been the topic of several other research reports. JPMorgan Chase & Co. raised 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. Evercore ISI raised their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an in-line rating in a research report on Tuesday, June 25th. Royal Bank of Canada raised their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the company an outperform rating in a research report on Friday. Wedbush reissued an outperform rating and issued a $170.00 price target on shares of M&T Bank in a report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a market perform rating in a report on Friday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, M&T Bank presently has an average rating of Hold and an average price target of $170.17.

M&T Bank Stock Performance

NYSE MTB opened at $170.87 on Friday. M&T Bank has a 1 year low of $108.53 and a 1 year high of $175.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The stock has a market capitalization of $28.51 billion, a PE ratio of 11.55, a P/E/G ratio of 3.86 and a beta of 0.77. The company’s 50 day simple moving average is $150.83 and its two-hundred day simple moving average is $144.07.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the prior year, the company posted $5.12 EPS. Analysts predict that M&T Bank will post 13.95 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a dividend of $1.35 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the completion of the transaction, the director now directly owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the completion of the transaction, the director now directly owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at $5,481,660. The disclosure for this sale can be found here. Insiders sold a total of 95,915 shares of company stock valued at $14,497,759 in the last three months. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Meeder Advisory Services Inc. raised its holdings in M&T Bank by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after buying an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of M&T Bank by 1.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock worth $713,000 after acquiring an additional 70 shares during the period. Burns J W & Co. Inc. NY grew its stake in shares of M&T Bank by 1.3% in the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock worth $827,000 after acquiring an additional 80 shares during the period. First Horizon Advisors Inc. grew its stake in shares of M&T Bank by 3.2% in the fourth quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 80 shares during the period. Finally, Fulton Bank N.A. grew its stake in shares of M&T Bank by 2.3% in the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 81 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.