M&T Bank (NYSE:MTB) Given New $301.00 Price Target at Morgan Stanley

M&T Bank (NYSE:MTB) had its price target reduced by Morgan Stanley from $304.00 to $301.00 in a research note issued to investors on Monday, Marketbeat Ratings reports. They currently have an overweight rating on the financial services provider’s stock.

Several other analysts have also recently issued reports on the company. DA Davidson raised their target price on M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Wells Fargo & Company upped their price target on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Cantor Fitzgerald increased their price objective on M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Barclays lifted their price objective on M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Robert W. Baird boosted their target price on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $253.68.

M&T Bank Trading Down 0.3%

Shares of MTB opened at $220.46 on Monday. The stock has a market capitalization of $31.84 billion, a P/E ratio of 11.64, a PEG ratio of 1.25 and a beta of 0.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $240.89 and a two-hundred day simple moving average of $227.00. M&T Bank has a twelve month low of $174.76 and a twelve month high of $255.95.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter last year, the firm earned $4.28 EPS. On average, research analysts anticipate that M&T Bank will post 19.45 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank’s dividend payout ratio is presently 31.68%.

Insider Activity

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO René Jones sold 19,396 shares of M&T Bank stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares in the company, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,028 shares of company stock valued at $4,794,884 over the last 90 days. 0.44% of the stock is currently owned by company insiders.

Institutional Trading of M&T Bank

A number of hedge funds have recently modified their holdings of MTB. QRG Capital Management Inc. lifted its holdings in shares of M&T Bank by 17.4% during the second quarter. QRG Capital Management Inc. now owns 18,237 shares of the financial services provider’s stock valued at $4,341,000 after purchasing an additional 2,704 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of M&T Bank by 6.3% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,192 shares of the financial services provider’s stock worth $760,000 after buying an additional 188 shares during the last quarter. Envestnet Asset Management Inc. increased its position in M&T Bank by 3.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 318,844 shares of the financial services provider’s stock valued at $75,888,000 after buying an additional 11,169 shares in the last quarter. Andra AP fonden bought a new position in M&T Bank during the 2nd quarter valued at approximately $4,047,000. Finally, Sequoia Financial Advisors LLC increased its position in M&T Bank by 7.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,239 shares of the financial services provider’s stock valued at $2,199,000 after buying an additional 627 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.