M&T Bank (NYSE:MTB) Given New $243.00 Price Target at Piper Sandler

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

Several other research analysts have also recently issued reports on MTB. The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday. Barclays lifted their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Morgan Stanley upped their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $230.00 in a report on Monday. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $206.41.

M&T Bank Stock Performance

MTB opened at $220.80 on Wednesday. The company has a market cap of $36.64 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 3.13 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. The firm’s 50-day moving average price is $195.64 and its 200-day moving average price is $171.40. M&T Bank has a 52-week low of $123.46 and a 52-week high of $225.70.

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, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, equities analysts anticipate that M&T Bank will post 14.56 EPS for the current fiscal year.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the transaction, the director now owns 29,796 shares in the company, valued at $5,899,608. This represents a 6.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction dated Tuesday, September 3rd. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock worth $17,925,801 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

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