M&T Bank (NYSE:MTB) Price Target Raised to $243.00 at The Goldman Sachs Group

M&T Bank (NYSE:MTB) had its price objective lifted by The Goldman Sachs Group from $216.00 to $243.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

MTB has been the topic of a number of other reports. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Barclays increased their price target on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Royal Bank of Canada increased their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $206.41.

M&T Bank Stock Down 0.4 %

Shares of NYSE MTB opened at $219.99 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $125.61 and a 12-month high of $225.70. The company has a market cap of $36.50 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The firm’s 50-day simple moving average is $196.45 and its 200 day simple moving average is $171.86.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. On average, research analysts expect that M&T Bank will post 14.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the transaction, the executive vice president now directly owns 5,618 shares of the company’s stock, valued at $1,095,678.54. This represents a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,504 shares of company stock valued at $18,394,012 in the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Several large investors have recently made changes to their positions in MTB. FMR LLC boosted its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp boosted its holdings in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after buying an additional 527,854 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of M&T Bank by 232.1% in the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings 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 buying an additional 319,051 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of M&T Bank in the 3rd quarter valued at approximately $44,422,000. Institutional investors and hedge funds 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.