Evercore ISI Boosts M&T Bank (NYSE:MTB) Price Target to $232.00

M&T Bank (NYSE:MTB) had its price target boosted by research analysts at Evercore ISI from $210.00 to $232.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price objective would suggest a potential upside of 19.17% from the stock’s previous close.

Several other brokerages have also commented on MTB. Wells Fargo & Company lifted their price target on shares of M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their price target on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Barclays lifted their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods lifted 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 research note on Friday, July 19th. Finally, Bank of America lifted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $198.76.

M&T Bank Price Performance

Shares of MTB opened at $194.68 on Wednesday. M&T Bank has a twelve month low of $111.08 and a twelve month high of $200.94. The firm’s fifty day simple moving average is $178.82 and its 200-day simple moving average is $162.20. The firm has a market capitalization of $32.48 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 2.75 and a beta of 0.75. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

Insider Activity

In other news, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the sale, the insider now owns 47,944 shares of the company’s stock, valued at $7,780,352.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the sale, the insider now owns 47,944 shares of the company’s stock, valued at $7,780,352.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the sale, the executive vice president now directly owns 5,618 shares in the company, valued at approximately $1,095,678.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,234 shares of company stock valued at $12,190,627 over the last quarter. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Hedeker Wealth LLC boosted its holdings in M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after buying an additional 55 shares in the last quarter. Frank Rimerman Advisors LLC boosted its holdings in M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after buying an additional 57 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares in the last quarter. Finally, Meitav Investment House Ltd. boosted its holdings in M&T Bank by 3.1% during the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after buying an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.