M&T Bank (NYSE:MTB) Given New $232.00 Price Target at Evercore ISI

M&T Bank (NYSE:MTB) had its target price raised by Evercore ISI from $210.00 to $232.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also issued reports on MTB. Barclays increased their price objective on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Bank of America raised their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Morgan Stanley increased their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Wells Fargo & Company increased their price objective on M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a report on Friday, October 18th. Finally, Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $198.76.

M&T Bank Trading Up 0.9 %

Shares of NYSE MTB opened at $197.49 on Wednesday. The stock’s 50 day moving average price is $178.22 and its two-hundred day moving average price is $161.98. M&T Bank has a 52-week low of $111.08 and a 52-week high of $200.94. The stock has a market capitalization of $32.95 billion, a P/E ratio of 13.35, a PEG ratio of 2.75 and a beta of 0.75. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Insiders Place Their Bets

In other news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other M&T Bank news, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the transaction, the executive vice president now owns 5,618 shares in the company, valued at $1,095,678.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,234 shares of company stock worth $12,190,627. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of M&T Bank

A number of hedge funds have recently bought and sold shares of MTB. Ontario Teachers Pension Plan Board increased its stake in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after purchasing an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in shares of M&T Bank during the first quarter valued at $3,125,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after acquiring an additional 35,692 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in M&T Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Finally, Gateway Investment Advisers LLC grew its position in shares of M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after purchasing an additional 12,304 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

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.