M&T Bank (NYSE:MTB) Upgraded to Outperform at Evercore ISI

M&T Bank (NYSE:MTB) was upgraded by research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has a $210.00 price target on the financial services provider’s stock, up from their previous price target of $187.00. Evercore ISI’s price target suggests a potential upside of 21.85% from the stock’s current price.

Several other brokerages have also recently issued reports on MTB. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Piper Sandler increased their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Royal Bank of Canada boosted their target price 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, July 19th. Finally, Wedbush increased their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average target price of $184.13.

M&T Bank Price Performance

NYSE MTB opened at $172.34 on Wednesday. The firm’s fifty day simple moving average is $168.77 and its two-hundred day simple moving average is $155.45. The firm has a market capitalization of $28.76 billion, a P/E ratio of 11.65, a P/E/G ratio of 3.55 and a beta of 0.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $108.53 and a 12-month high of $180.63.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the prior year, the company posted $5.12 EPS. Analysts forecast that M&T Bank will post 14.23 EPS for the current fiscal year.

Insider Activity

In related news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the completion of the sale, the director now owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the sale, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. The disclosure for this sale can be found here. Insiders have sold 32,699 shares of company stock worth $5,115,349 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently made changes to their positions in MTB. Steward Partners Investment Advisory LLC lifted its holdings in M&T Bank by 9.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,896 shares of the financial services provider’s stock valued at $534,000 after purchasing an additional 346 shares in the last quarter. TD Asset Management Inc boosted its position in M&T Bank by 5.3% during the fourth quarter. TD Asset Management Inc now owns 61,659 shares of the financial services provider’s stock worth $8,452,000 after acquiring an additional 3,090 shares during the last quarter. California State Teachers Retirement System grew its stake in M&T Bank by 3.3% during the 4th quarter. California State Teachers Retirement System now owns 271,879 shares of the financial services provider’s stock valued at $37,269,000 after acquiring an additional 8,799 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in M&T Bank in the 4th quarter valued at about $541,000. Finally, KBC Group NV lifted its stake in M&T Bank by 2.9% in the 4th quarter. KBC Group NV now owns 88,570 shares of the financial services provider’s stock worth $12,141,000 after purchasing an additional 2,493 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

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.