M&T Bank (NYSE:MTB) Stock Rating Upgraded by Evercore ISI

M&T Bank (NYSE:MTB) was upgraded by Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat.com reports. The firm presently has a $210.00 target price on the financial services provider’s stock, up from their previous target price of $187.00. Evercore ISI’s price objective would indicate a potential upside of 21.58% from the company’s previous close.

Other equities analysts have also issued reports about the stock. DA Davidson boosted their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada boosted their price target 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. Jefferies Financial Group boosted their price target on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Citigroup boosted their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company lowered shares of M&T Bank from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus target price of $184.13.

M&T Bank Stock Performance

MTB opened at $172.72 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $28.82 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 3.55 and a beta of 0.76. M&T Bank has a 52-week low of $108.53 and a 52-week high of $180.63. The firm’s fifty day simple moving average is $168.76 and its two-hundred day simple moving average is $155.21.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period last year, the firm posted $5.12 earnings per share. Equities analysts anticipate that M&T Bank will post 14.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the sale, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the completion of the transaction, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. 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. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. grew its holdings in M&T Bank by 3.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of M&T Bank by 1.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after buying an additional 70 shares in the last quarter. Umpqua Bank boosted its holdings in shares of M&T Bank by 5.3% in the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock valued at $221,000 after buying an additional 73 shares in the last quarter. Fulton Bank N.A. boosted its holdings in shares of M&T Bank by 2.3% in the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock valued at $526,000 after buying an additional 81 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its holdings in shares of M&T Bank by 6.7% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 1,474 shares of the financial services provider’s stock valued at $223,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds 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.