M&T Bank (NYSE:MTB) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has initiated coverage on M&T Bank, assigning an "overweight" rating with a price target of $228.00, indicating a potential upside of 14.37% from its previous close.
• M&T Bank reported earnings of $4.28 per share, exceeding expectations and showing a significant increase from $3.73 per share in the same quarter last year.
• A total of fourteen analysts are highly bullish on M&T Bank, with a consensus rating of "Moderate Buy" and an average price target of $214.31 among analysts covering the stock.

Cantor Fitzgerald started coverage on shares of M&T Bank (NYSE:MTB - Free Report) in a research note published on Wednesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $228.00 target price on the financial services provider's stock.

A number of other brokerages also recently commented on MTB. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Wells Fargo & Company raised their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Cowen started coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Finally, TD Cowen started coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Fourteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $214.31.

M&T Bank Stock Performance

NYSE:MTB traded up $0.89 during mid-day trading on Wednesday, reaching $198.72. The stock had a trading volume of 696,729 shares, compared to its average volume of 808,852. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $31.05 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.97 and a beta of 0.67. M&T Bank has a twelve month low of $150.75 and a twelve month high of $225.70. The business has a 50 day simple moving average of $195.47 and a 200 day simple moving average of $183.88.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter last year, the firm earned $3.73 earnings per share. On average, analysts expect that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio is 38.86%.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,738 shares of company stock valued at $3,734,612 in the last ninety days. Corporate insiders own 0.53% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Crestwood Advisors Group LLC lifted its stake in shares of M&T Bank by 1.7% during the 2nd quarter. Crestwood Advisors Group LLC now owns 3,237 shares of the financial services provider's stock worth $628,000 after buying an additional 54 shares during the last quarter. Marcum Wealth LLC lifted its stake in shares of M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock worth $220,000 after buying an additional 57 shares during the last quarter. First Manhattan CO. LLC. lifted its stake in shares of M&T Bank by 0.6% during the 1st quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider's stock worth $1,733,000 after buying an additional 57 shares during the last quarter. Forum Financial Management LP lifted its stake in shares of M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock worth $540,000 after buying an additional 62 shares during the last quarter. Finally, Compound Planning Inc. lifted its stake in shares of M&T Bank by 3.0% during the 1st quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock worth $397,000 after buying an additional 64 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other 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.