Wells Fargo & Company Forecasts Strong Price Appreciation for M&T Bank (NYSE:MTB) Stock

M&T Bank (NYSE:MTB) had its price objective lifted by equities research analysts at Wells Fargo & Company from $190.00 to $205.00 in a report released on Friday,Benzinga reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 3.88% from the stock’s previous close.

A number of other brokerages have also weighed in on MTB. The Goldman Sachs Group increased their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Evercore ISI increased their target price on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their target price on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Trading Up 0.6 %

NYSE:MTB opened at $213.27 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 12 month low of $123.37 and a 12 month high of $216.84. The firm has a fifty day simple moving average of $185.26 and a two-hundred day simple moving average of $166.25. The stock has a market capitalization of $35.39 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.98 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Analysts expect that M&T Bank will post 14.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Michael J. Todaro sold 4,786 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the sale, the executive vice president now owns 2,787 shares of the company’s stock, valued at $596,696.70. This trade represents a 63.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now directly owns 20,414 shares in the company, valued at approximately $502,184.40. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,854 shares of company stock valued at $13,637,588. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd raised its holdings in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in M&T Bank in the 3rd quarter valued at approximately $32,000. Hexagon Capital Partners LLC increased its holdings in shares of M&T Bank by 54.4% in the 3rd 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the period. Finally, Oakworth Capital Inc. purchased a new stake in M&T Bank in the second quarter worth approximately $35,000. 84.68% of the stock is currently owned by institutional investors.

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.