Wolfe Research Upgrades M&T Bank (NYSE:MTB) to “Outperform”

M&T Bank (NYSE:MTB) was upgraded by stock analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued on Friday, MarketBeat.com reports. The firm currently has a $210.00 target price on the financial services provider’s stock. Wolfe Research’s price objective would suggest a potential upside of 17.49% from the company’s current price.

Other analysts have also recently issued reports about the company. Wedbush upped their target price on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. DA Davidson increased their price objective on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Wells Fargo & Company cut shares of M&T Bank from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $170.00 to $165.00 in a report on Thursday, August 15th. Evercore ISI upgraded shares of M&T Bank from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $187.00 to $210.00 in a research note on Wednesday. Finally, Royal Bank of Canada raised their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $185.75.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $178.74 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank has a 52 week low of $108.53 and a 52 week high of $180.63. The firm’s 50 day moving average is $168.84 and its two-hundred day moving average is $155.83. The firm has a market capitalization of $29.82 billion, a P/E ratio of 12.09, a P/E/G ratio of 3.55 and a beta of 0.75.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the firm posted $5.12 EPS. Research analysts forecast that M&T Bank will post 14.23 EPS for the current fiscal year.

Insider Transactions at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock valued at $5,115,349 in the last ninety days. 0.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On M&T Bank

A number of large investors have recently added to or reduced their stakes in MTB. General Partner Inc. purchased a new stake in shares of M&T Bank in the first quarter valued at about $27,000. Fidelis Capital Partners LLC purchased a new stake in M&T Bank in the 1st quarter valued at approximately $30,000. Oakworth Capital Inc. acquired a new stake in M&T Bank during the 2nd quarter valued at $35,000. Versant Capital Management Inc increased its position in M&T Bank by 82.7% during the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock worth $67,000 after buying an additional 201 shares in the last quarter. Finally, Bank & Trust Co acquired a new position in shares of M&T Bank in the second quarter worth $70,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

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.