M&T Bank (NYSE:MTB) Now Covered by Truist Financial

Truist Financial started coverage on shares of M&T Bank (NYSE:MTB) in a research note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $233.00 price target on the financial services provider’s stock. Truist Financial’s target price points to a potential upside of 20.71% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Wedbush increased their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $216.86.

M&T Bank Price Performance

MTB stock opened at $193.02 on Tuesday. The company has a fifty day moving average price of $203.53 and a 200-day moving average price of $181.13. The company has a market capitalization of $32.03 billion, a P/E ratio of 14.29, a PEG ratio of 2.83 and a beta of 0.79. M&T Bank has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. As a group, equities analysts expect that M&T Bank will post 14.63 EPS for the current year.

Insider Activity at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s 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 transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 84,994 shares of company stock valued at $17,211,278 over the last ninety days. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Several hedge funds have recently added to or reduced their stakes in MTB. FMR LLC raised its position in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp raised its position in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares during the period. Marshall Wace LLP raised its position in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after acquiring an additional 472,997 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in M&T Bank in the third quarter worth about $44,422,000. Finally, Charles Schwab Investment Management Inc. raised its position in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 shares during the period. Institutional investors own 84.68% of the company’s stock.

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.