M&T Bank (NYSE:MTB) Sets New 1-Year High on Analyst Upgrade

M&T Bank Corporation (NYSE:MTB) reached a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $255.00 and last traded at $249.8530, with a volume of 1110084 shares changing hands. The stock had previously closed at $249.24.

A number of other analysts also recently commented on MTB. Robert W. Baird upped their target price on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday. The Goldman Sachs Group lifted their price target on M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, April 6th. Barclays boosted their price target on M&T Bank from $236.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday. Wells Fargo & Company raised their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Cantor Fitzgerald lifted their target price on shares of M&T Bank from $253.00 to $262.00 and gave the company an “overweight” rating in a report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $249.50.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the transaction, the executive vice president owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.44% of the stock is owned by company insiders.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in M&T Bank by 3.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock valued at $285,341,000 after acquiring an additional 49,336 shares during the period. Canoe Financial LP raised its position in M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after acquiring an additional 219,065 shares during the period. Barclays PLC lifted its holdings in M&T Bank by 3.9% during the fourth quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock valued at $106,846,000 after purchasing an additional 20,120 shares in the last quarter. Davis Asset Management L.P. lifted its holdings in M&T Bank by 23.1% during the fourth quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock valued at $80,592,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of M&T Bank by 35.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after purchasing an additional 103,692 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Down 0.2%

The firm has a market cap of $36.42 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.19 and a beta of 0.57. The company’s 50-day moving average price is $225.98 and its 200-day moving average price is $219.06. The company has a quick ratio of 0.94, a current ratio of 0.89 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $4.28 EPS. Equities analysts expect that M&T Bank Corporation will post 19.2 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.4%. M&T Bank’s dividend payout ratio is presently 31.68%.

M&T Bank declared that its board has authorized a stock repurchase plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.