M&T Bank (NYSE:MTB) Stock Rating Reaffirmed by Royal Bank of Canada

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

MTB has been the subject of a number of other reports. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $155.00 to $162.00 and gave the company a market perform rating in a research report on Friday, April 5th. Bank of America boosted their price target 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. UBS Group upped their target price on shares of M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. Piper Sandler reduced their target price on shares of M&T Bank from $156.00 to $152.00 and set an overweight rating for the company in a report on Friday, January 19th. Finally, Morgan Stanley upped their target price on shares of M&T Bank from $160.00 to $179.00 and gave the company an overweight rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, M&T Bank currently has a consensus rating of Hold and a consensus price target of $158.48.

M&T Bank Price Performance

M&T Bank stock opened at $143.38 on Tuesday. The stock has a market cap of $23.89 billion, a P/E ratio of 9.69, a price-to-earnings-growth ratio of 1.16 and a beta of 0.80. The company has a fifty day simple moving average of $139.96 and a 200-day simple moving average of $132.96. M&T Bank has a 12-month low of $108.53 and a 12-month high of $148.23. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the firm earned $4.09 earnings per share. Equities analysts expect that M&T Bank will post 13.95 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.63%. M&T Bank’s dividend payout ratio (DPR) is 35.16%.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares in the company, valued at $923,215. The sale 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 company’s 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 transaction, the executive vice president now owns 7,274 shares in the company, valued at $962,350.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,119 shares of company stock worth $5,341,012. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTB. Virtu Financial LLC grew its position in shares of M&T Bank by 17,405.3% in the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after purchasing an additional 5,243,349 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of M&T Bank by 113.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider’s stock valued at $42,949,000 after purchasing an additional 2,645,478 shares during the last quarter. Spring Creek Capital LLC grew its position in shares of M&T Bank by 217.0% in the first quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock valued at $66,759,000 after purchasing an additional 2,286,251 shares during the last quarter. Norges Bank acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $232,322,000. Finally, Goldman Sachs Group Inc. grew its position in shares of M&T Bank by 76.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock valued at $71,171,000 after purchasing an additional 1,538,436 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.