The Goldman Sachs Group Issues Positive Forecast for M&T Bank (NYSE:MTB) Stock Price

M&T Bank (NYSE:MTB) had its target price upped by The Goldman Sachs Group from $216.00 to $243.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on MTB. Wells Fargo & Company boosted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Morgan Stanley boosted their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Bank of America boosted their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada raised their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $203.29.

M&T Bank Price Performance

MTB stock opened at $220.77 on Tuesday. The stock has a market capitalization of $36.63 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 52-week low of $123.46 and a 52-week high of $225.70. The stock’s fifty day simple moving average is $193.89 and its 200-day simple moving average is $170.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Equities research analysts expect that M&T Bank will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the transaction, the executive vice president now directly owns 2,787 shares of the company’s stock, valued at $596,696.70. This represents a 63.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,383 shares of company stock valued at $17,925,801. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Plato Investment Management Ltd boosted its stake in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of M&T Bank in the 3rd quarter valued at about $32,000. Hexagon Capital Partners LLC lifted its position in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new position in M&T Bank in the second quarter worth about $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the last quarter. 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.