M&T Bank (NYSE:MTB – Get Free Report)‘s stock had its “buy” rating reissued by stock analysts at Truist Financial in a report released on Friday,Benzinga reports. They currently have a $236.00 price objective on the financial services provider’s stock, up from their previous price objective of $233.00. Truist Financial’s price objective would suggest a potential upside of 19.87% from the stock’s current price.
A number of other research firms also recently issued reports on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Evercore ISI raised their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wedbush upped their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $221.68.
View Our Latest Analysis on M&T Bank
M&T Bank Stock Performance
M&T Bank (NYSE:MTB – Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same period in the previous year, the company earned $2.74 EPS. Sell-side analysts expect that M&T Bank will post 14.58 EPS for the current year.
Insider Activity
In related news, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,994 shares of company stock valued at $17,211,278 in the last 90 days. 0.82% of the stock is currently owned by insiders.
Hedge Funds Weigh In On M&T Bank
Institutional investors have recently made changes to their positions in the business. American Century Companies Inc. increased its stake in shares of M&T Bank by 7.0% in the 2nd quarter. American Century Companies Inc. now owns 61,818 shares of the financial services provider’s stock worth $9,357,000 after purchasing an additional 4,067 shares in the last quarter. Envestnet Asset Management Inc. increased its position in M&T Bank by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 241,213 shares of the financial services provider’s stock worth $36,510,000 after buying an additional 13,278 shares in the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of M&T Bank by 6.7% in the second quarter. Citizens Financial Group Inc. RI now owns 1,474 shares of the financial services provider’s stock worth $223,000 after buying an additional 92 shares during the period. Mutual of America Capital Management LLC lifted its position in shares of M&T Bank by 1.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 38,303 shares of the financial services provider’s stock valued at $5,798,000 after buying an additional 551 shares in the last quarter. Finally, Argent Trust Co grew its stake in shares of M&T Bank by 9.3% during the 2nd quarter. Argent Trust Co now owns 1,506 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 128 shares during the period. 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.
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