M&T Bank (NYSE:MTB) Stock Picked Up by Analysts at TD Cowen

Key Points

• TD Cowen initiated coverage of M&T Bank with a “hold” rating and a $245 price target, implying 13.67% upside from the prior close. The broader analyst consensus is also “Hold,” with an average target of $250.21.
• M&T Bank shares fell 0.5% to $215.53, while the bank’s latest quarterly results exceeded expectations: earnings per share were $5.35 versus a $4.66 estimate, and revenue reached $2.53 billion.
• Institutional investors own 84.68% of the company, with several major funds increasing their positions or initiating stakes. Meanwhile, insiders sold roughly 20,028 shares worth $4.8 million over the past 90 days.

Stock analysts at TD Cowen assumed coverage on shares of M&T Bank (NYSE:MTB - Get Free Report) in a report released on Thursday, MarketBeat Ratings reports. The firm set a "hold" rating and a $245.00 price target on the financial services provider's stock. TD Cowen's target price would suggest a potential upside of 13.67% from the company's previous close.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings restated a "buy (b)" rating on shares of M&T Bank in a research note on Tuesday, September 1st. Evercore set a $230.00 price objective on M&T Bank in a research note on Thursday, October 1st. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price on the stock. in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada lifted their target price on M&T Bank from $230.00 to $255.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $250.21.

M&T Bank Stock Down 0.5%

Shares of MTB stock traded down $1.10 during trading hours on Thursday, reaching $215.53. The company had a trading volume of 49,750 shares, compared to its average volume of 1,121,069. M&T Bank has a 12 month low of $174.76 and a 12 month high of $255.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day simple moving average of $236.47 and a 200-day simple moving average of $227.96. The company has a market cap of $31.13 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the business earned $4.28 EPS. On average, research analysts expect that M&T Bank will post 19.4 earnings per share for the current fiscal year.

Insider Transactions at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 19,396 shares of M&T Bank stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer owned 103,831 shares of the company's stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director directly owned 3,649 shares of the company's stock, valued at $879,554.96. The trade was a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,028 shares of company stock valued at $4,794,884 in the last ninety days. Insiders own 0.44% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank during the second quarter worth about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider's stock worth $252,414,000 after purchasing an additional 26,486 shares in the last quarter. Davis Asset Management L.P. purchased a new position in shares of M&T Bank during the second quarter worth about $97,584,000. Hsbc Holdings PLC grew its holdings in shares of M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider's stock worth $94,364,000 after purchasing an additional 62,877 shares in the last quarter. Finally, Amundi grew its holdings in shares of M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider's stock worth $92,566,000 after purchasing an additional 27,795 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 is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.