M&T Bank Corporation (NYSE:MTB) Receives $212.88 Average Target Price from Analysts

Key Points

• M&T Bank Corporation has received a consensus rating of "Moderate Buy" from 21 brokerages, with an average price target of $212.87.
• Insiders have recently sold significant shares, with one director selling 15,000 shares valued at nearly $3 million, indicating possible shifts in confidence.
• The bank has increased its quarterly dividend to $1.50 per share, representing a 3.0% annual yield, up from the previous $1.35.

Shares of M&T Bank Corporation (NYSE:MTB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-one research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $213.6250.

MTB has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their target price on M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday. Wells Fargo & Company raised their price objective on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. DA Davidson raised their price objective on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Citigroup raised their price objective on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd.

M&T Bank Trading Up 1.6%

MTB stock traded up $3.27 during mid-day trading on Monday, reaching $201.84. The company's stock had a trading volume of 280,878 shares, compared to its average volume of 1,231,700. The company has a market cap of $31.54 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. The business's 50 day moving average price is $195.24 and its 200 day moving average price is $183.72. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank has a 12 month low of $150.75 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the previous year, the company posted $3.73 earnings per share. On average, equities research analysts predict that M&T Bank will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank's payout ratio is presently 34.97%.

Insider Buying and Selling

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock worth $4,964,196 in the last ninety days. Corporate insiders own 0.53% of the company's stock.

Institutional Trading of M&T Bank

Hedge funds have recently bought and sold shares of the business. Exchange Traded Concepts LLC lifted its holdings in M&T Bank by 53.8% during the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after acquiring an additional 184 shares during the period. Private Trust Co. NA raised its stake in shares of M&T Bank by 16.5% in the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after buying an additional 91 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of M&T Bank in the first quarter valued at $225,000. Kingswood Wealth Advisors LLC raised its stake in shares of M&T Bank by 4.4% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after buying an additional 88 shares during the period. Finally, Raymond James Financial Inc. raised its stake in shares of M&T Bank by 1.8% in the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after buying an additional 2,111 shares during the period. 84.68% of the stock is currently owned by institutional investors.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.