Goldman Sachs Group Upgrades M&T Bank (MTB) to “Buy”

M&T Bank (NYSE:MTB) was upgraded by analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

MTB has been the subject of a number of other research reports. Zacks Investment Research cut shares of M&T Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. Wedbush increased their target price on shares of M&T Bank from $190.00 to $197.00 and gave the stock a “neutral” rating in a research report on Thursday, July 19th. ValuEngine cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, July 6th. Morgan Stanley increased their target price on shares of M&T Bank from $191.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Friday, July 20th. Finally, Keefe, Bruyette & Woods upgraded shares of M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a research report on Monday, September 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $176.57.

Shares of MTB stock opened at $168.59 on Wednesday. M&T Bank has a 52-week low of $153.97 and a 52-week high of $197.37. The firm has a market capitalization of $24.47 billion, a PE ratio of 18.03, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.58.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.17 by $0.09. M&T Bank had a net margin of 24.57% and a return on equity of 11.80%. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted $2.35 EPS. equities research analysts forecast that M&T Bank will post 12.84 earnings per share for the current year.

In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of the stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.48% of the company’s stock.

A number of large investors have recently modified their holdings of the business. FMR LLC grew its holdings in M&T Bank by 7.5% during the 2nd quarter. FMR LLC now owns 4,251,775 shares of the financial services provider’s stock worth $723,439,000 after acquiring an additional 297,143 shares during the last quarter. Millennium Management LLC grew its holdings in M&T Bank by 64.8% during the 2nd quarter. Millennium Management LLC now owns 1,341,236 shares of the financial services provider’s stock worth $228,211,000 after acquiring an additional 527,556 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in M&T Bank by 6.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 815,318 shares of the financial services provider’s stock worth $150,311,000 after acquiring an additional 52,657 shares during the last quarter. Renaissance Technologies LLC grew its holdings in M&T Bank by 15,311.4% during the 2nd quarter. Renaissance Technologies LLC now owns 638,342 shares of the financial services provider’s stock worth $108,614,000 after acquiring an additional 634,200 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in M&T Bank by 13.7% during the 2nd quarter. Bank of America Corp DE now owns 618,080 shares of the financial services provider’s stock worth $105,166,000 after acquiring an additional 74,509 shares during the last quarter. 81.19% of the stock is currently owned by hedge funds and other institutional investors.

About M&T Bank

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.

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The Fly

Analyst Recommendations for M&T Bank (NYSE:MTB)

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