Evercore ISI Upgrades M&T Bank (NYSE:MTB) to “Outperform”

M&T Bank (NYSE:MTB) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $210.00 price objective on the financial services provider’s stock, up from their prior price objective of $187.00. Evercore ISI’s price objective would suggest a potential upside of 21.58% from the company’s previous close.

Several other research firms also recently commented on MTB. Bank of America upped their price target on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods upped their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Wedbush upped their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, DA Davidson upped their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average price target of $184.13.

M&T Bank Stock Down 3.0 %

MTB stock opened at $172.72 on Wednesday. The company has a fifty day moving average price of $168.76 and a 200 day moving average price of $155.21. M&T Bank has a 12 month low of $108.53 and a 12 month high of $180.63. The company has a market cap of $28.82 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 3.55 and a beta of 0.76. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the firm earned $5.12 EPS. Sell-side analysts expect that M&T Bank will post 14.23 earnings per share for the current year.

Insider Activity at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the sale, the director now directly owns 15,045 shares of the company’s stock, valued at approximately $2,617,378.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,699 shares of company stock valued at $5,115,349. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP boosted its position in shares of M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after acquiring an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the last quarter. Vest Financial LLC acquired a new stake in shares of M&T Bank in the first quarter worth approximately $18,147,000. Dimensional Fund Advisors LP boosted its position in shares of M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after acquiring an additional 93,113 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in M&T Bank by 195.1% in the first quarter. National Bank of Canada FI now owns 126,773 shares of the financial services provider’s stock valued at $19,480,000 after buying an additional 83,814 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.