M&T Bank (NYSE:MTB) Raised to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of M&T Bank (NYSE:MTB) from a neutral rating to an overweight rating in a research report released on Tuesday, MarketBeat reports. They currently have $215.00 target price on the financial services provider’s stock, up from their previous target price of $183.00.

MTB has been the subject of a number of other research reports. Bank of America boosted their price target on M&T Bank from $160.00 to $188.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Piper Sandler upped their target price on M&T Bank from $164.00 to $190.00 and gave the company an overweight rating in a report on Monday, July 22nd. Jefferies Financial Group lifted their target price 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 lifted their price target on M&T Bank from $180.00 to $195.00 and gave the company a buy rating in a report on Friday, July 19th. Finally, Evercore ISI raised their price target on shares of M&T Bank from $157.00 to $168.00 and gave the stock an in-line rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $175.85.

M&T Bank Trading Down 0.1 %

NYSE MTB opened at $168.80 on Tuesday. The firm has a market capitalization of $28.16 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 3.45 and a beta of 0.77. M&T Bank has a one year low of $108.53 and a one year high of $176.44. The company has a 50-day simple moving average of $162.96 and a 200-day simple moving average of $150.90. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the company earned $5.12 earnings per share. On average, equities analysts forecast that M&T Bank will post 14.24 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.20%. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Buying and Selling

In related news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the completion of the transaction, the director now directly owns 20,414 shares of the company’s stock, valued at $502,184.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.28, for a total value of $989,096.60. Following the sale, the insider now directly owns 47,944 shares of the company’s stock, valued at $7,780,352.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ontario Teachers Pension Plan Board boosted its holdings in M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after acquiring an additional 3,739 shares during the last quarter. Leuthold Group LLC acquired a new stake in shares of M&T Bank during the first quarter worth $3,125,000. Rafferty Asset Management LLC increased its position in shares of M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after buying an additional 100,526 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after buying an additional 35,692 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in M&T Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during 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.