Cantor Fitzgerald Initiates Coverage on M&T Bank (NYSE:MTB)

Key Points

• M&T Bank has been upgraded to a "strong-buy" rating by Cantor Fitzgerald, reflecting positive sentiment from analysts toward the bank's performance.
• Other notable upgrades include a target price increase by Morgan Stanley from $206.00 to $215.00, alongside positive ratings from Citigroup and Wall Street Zen.
• M&T Bank's recent earnings report showed an EPS of $4.28, surpassing the consensus estimate, along with a revenue of $2.40 billion for the quarter.

Stock analysts at Cantor Fitzgerald assumed coverage on shares of M&T Bank (NYSE:MTB - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set an "overweight" rating on the financial services provider's stock.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley lifted their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Cowen began coverage on M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Citigroup lifted their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. TD Cowen began coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target for the company. Finally, Jefferies Financial Group lifted their price target on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $214.31.

M&T Bank Trading Down 0.8%

Shares of MTB opened at $198.12 on Tuesday. The business's 50-day moving average price is $195.64 and its 200 day moving average price is $183.79. The stock has a market capitalization of $30.96 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.98 and a beta of 0.67. M&T Bank has a 1-year low of $150.75 and a 1-year high of $225.70. 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 (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the business posted $3.73 EPS. Analysts expect that M&T Bank will post 16.57 earnings per share for the current year.

Insiders Place Their Bets

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,738 shares of company stock valued at $3,734,612 in the last three months. Company insiders own 0.53% of the company's stock.

Institutional Trading of M&T Bank

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Preservation Advisors LLC bought a new stake in shares of M&T Bank during the first quarter valued at approximately $25,000. WPG Advisers LLC bought a new stake in M&T Bank in the first quarter valued at $25,000. Wood Tarver Financial Group LLC bought a new stake in M&T Bank in the fourth quarter valued at $29,000. Golden State Wealth Management LLC grew its position in M&T Bank by 2,214.3% in the second quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 155 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in M&T Bank in the second quarter valued at $36,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Company Profile

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.