M&T Bank (NYSE:MTB) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of M&T Bank (NYSE:MTB) in a report published on Tuesday, Benzinga reports. Royal Bank of Canada currently has a $160.00 target price on the financial services provider’s stock.

A number of other equities analysts also recently commented on the stock. Barclays raised their target price on shares of M&T Bank from $150.00 to $170.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. UBS Group upped their target price on M&T Bank from $139.00 to $154.00 in a research report on Wednesday, January 17th. DA Davidson reiterated a neutral rating and set a $159.00 target price on shares of M&T Bank in a report on Wednesday, March 6th. Wedbush reissued an outperform rating and set a $170.00 price target on shares of M&T Bank in a research report on Wednesday, April 10th. Finally, Piper Sandler lowered their price objective on shares of M&T Bank from $156.00 to $152.00 and set an overweight rating for the company in a research report on Friday, January 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of Hold and an average target price of $157.98.

M&T Bank Price Performance

MTB opened at $137.37 on Tuesday. The stock has a market capitalization of $22.89 billion, a PE ratio of 8.71, a P/E/G ratio of 1.24 and a beta of 0.80. The company’s 50 day simple moving average is $139.44 and its 200 day simple moving average is $132.72. M&T Bank has a 1 year low of $108.53 and a 1 year high of $148.23. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the business earned $4.09 earnings per share. As a group, sell-side analysts expect that M&T Bank will post 13.89 EPS for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is currently 32.95%.

Insider Transactions at M&T Bank

In related news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Doris P. Meister sold 1,675 shares of M&T Bank stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the completion of the transaction, the executive vice president now directly owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the sale, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,481 shares of company stock valued at $5,114,624. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently made changes to their positions in MTB. Vanguard Group Inc. boosted its position in M&T Bank by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 48,056,301 shares of the financial services provider’s stock valued at $960,645,000 after purchasing an additional 595,930 shares during the period. BlackRock Inc. lifted its stake in M&T Bank by 1.1% in the first quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock valued at $733,054,000 after buying an additional 402,530 shares during the last quarter. State Street Corp boosted its holdings in shares of M&T Bank by 0.7% during the first quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock valued at $954,778,000 after acquiring an additional 55,623 shares during the period. JPMorgan Chase & Co. grew its position in shares of M&T Bank by 10.4% during the first quarter. JPMorgan Chase & Co. now owns 6,095,725 shares of the financial services provider’s stock worth $728,866,000 after acquiring an additional 571,869 shares during the last quarter. Finally, Virtu Financial LLC increased its holdings in shares of M&T Bank by 17,405.3% in the 1st quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock worth $105,417,000 after acquiring an additional 5,243,349 shares during the period. 84.68% of the stock is owned by institutional investors.

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.