Royal Bank of Canada Increases M&T Bank (NYSE:MTB) Price Target to $174.00

M&T Bank (NYSE:MTB) had its price objective boosted by Royal Bank of Canada from $160.00 to $174.00 in a report published on Friday, Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

A number of other analysts have also recently commented on MTB. StockNews.com cut shares of M&T Bank from a hold rating to a sell rating in a research report on Friday, May 3rd. Bank of America upped their price objective on shares of M&T Bank from $157.00 to $160.00 and gave the company a buy rating in a research report on Tuesday, April 16th. DA Davidson restated a neutral rating and issued a $159.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Wells Fargo & Company increased their target price on M&T Bank from $145.00 to $150.00 and gave the stock an equal weight rating in a report on Tuesday, April 16th. Finally, Wedbush reiterated an outperform rating and set a $170.00 target price on shares of M&T Bank in a report on Wednesday, April 10th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average price target of $166.79.

M&T Bank Stock Down 1.3 %

NYSE:MTB opened at $165.25 on Friday. The stock’s fifty day moving average price is $150.48 and its two-hundred day moving average price is $143.82. M&T Bank has a 52-week low of $108.53 and a 52-week high of $175.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The company has a market cap of $27.57 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 3.86 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the prior year, the business posted $5.12 EPS. On average, analysts anticipate that M&T Bank will post 13.95 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a $1.35 dividend. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.27%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Insider Activity

In related news, Director Kirk W. Walters sold 16,179 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the completion of the sale, the director now directly owns 6,348 shares in the company, valued at approximately $939,567.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares in the company, valued at approximately $1,319,278.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirk W. Walters sold 16,179 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the sale, the director now owns 6,348 shares of the company’s stock, valued at $939,567.48. The disclosure for this sale can be found here. Insiders sold 95,915 shares of company stock worth $14,497,759 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds have recently bought and sold shares of the stock. HHM Wealth Advisors LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $25,000. General Partner Inc. acquired a new stake in M&T Bank during the first quarter worth approximately $27,000. Fidelis Capital Partners LLC acquired a new stake in M&T Bank during the first quarter worth approximately $30,000. Oakworth Capital Inc. acquired a new stake in M&T Bank during the second quarter worth approximately $35,000. Finally, BKM Wealth Management LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $32,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.