M&T Bank (NYSE:MTB) Price Target Raised to $218.00 at Bank of America

M&T Bank (NYSE:MTB) had its price objective increased by Bank of America from $188.00 to $218.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the stock. Evercore ISI raised shares of M&T Bank from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $187.00 to $210.00 in a research note on Wednesday, October 2nd. DA Davidson upped their price target on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and raised their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Friday, October 4th. Finally, Barclays upped their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $197.47.

M&T Bank Price Performance

NYSE MTB opened at $193.63 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $32.31 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. M&T Bank has a 12-month low of $108.53 and a 12-month high of $200.94. The company has a 50 day moving average price of $173.61 and a two-hundred day moving average price of $159.31.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.79%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Insider Activity

In related news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the completion of the sale, the director now directly owns 15,045 shares of the company’s stock, valued at $2,617,378.65. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the transaction, the director now owns 15,045 shares of the company’s stock, valued at approximately $2,617,378.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael J. Todaro sold 4,791 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $162.57, for a total value of $778,872.87. Following the completion of the sale, the executive vice president now owns 3,086 shares of the company’s stock, valued at approximately $501,691.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,699 shares of company stock worth $4,943,119. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its holdings in M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after buying an additional 93,113 shares during the period. Bank of New York Mellon Corp boosted its holdings in M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after buying an additional 44,442 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of M&T Bank by 3.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock worth $211,631,000 after buying an additional 43,795 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after acquiring an additional 319,051 shares during the period. 84.68% of the stock is 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.