Piper Sandler Forecasts Strong Price Appreciation for M&T Bank (NYSE:MTB) Stock

M&T Bank (NYSE:MTB) had its target price raised by stock analysts at Piper Sandler from $205.00 to $243.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 10.05% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Bank of America raised their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Friday, October 4th. Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Morgan Stanley boosted their target price on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $206.41.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $220.80 on Wednesday. The firm has a market cap of $36.64 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 3.13 and a beta of 0.74. The firm has a fifty day moving average price of $195.64 and a 200 day moving average price of $171.40. M&T Bank has a fifty-two week low of $123.46 and a fifty-two 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 data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, sell-side analysts expect that M&T Bank will post 14.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 value of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock valued at $17,925,801 in the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in shares of M&T Bank by 13.9% in the 3rd 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 in the last quarter. State Street Corp raised its holdings 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 purchasing an additional 527,854 shares in the last quarter. Marshall Wace LLP lifted its position in shares of M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after buying an additional 319,051 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of M&T Bank in the 3rd quarter valued at about $44,422,000. Hedge funds and other 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.