M&T Bank (NYSE:MTB) Sets New 1-Year High at $148.99

Shares of M&T Bank Co. (NYSE:MTB) hit a new 52-week high on Monday . The stock traded as high as $148.99 and last traded at $148.94, with a volume of 361382 shares changing hands. The stock had previously closed at $146.58.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MTB shares. Royal Bank of Canada restated an “outperform” rating and issued a $160.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Jefferies Financial Group cut their price objective on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a report on Monday, April 8th. Morgan Stanley increased their target price on shares of M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Evercore ISI upped their price target on M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Finally, Piper Sandler dropped their price objective on M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $158.48.

M&T Bank Stock Up 1.8 %

The stock has a market capitalization of $24.87 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 1.23 and a beta of 0.78. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $142.08 and its two-hundred day moving average is $134.91.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the previous year, the business posted $4.09 EPS. Equities analysts anticipate that M&T Bank Co. will post 13.92 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is presently 35.16%.

Insider Buying and Selling

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the completion of the transaction, the director now owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,119 shares of company stock worth $6,679,812. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in M&T Bank in the fourth quarter worth approximately $232,322,000. Invesco Ltd. increased its holdings in M&T Bank by 15.5% in the third quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock valued at $612,138,000 after buying an additional 650,796 shares during the last quarter. Smead Capital Management Inc. purchased a new position in shares of M&T Bank in the 4th quarter valued at about $59,418,000. LSV Asset Management raised its position in shares of M&T Bank by 63.5% during the 3rd quarter. LSV Asset Management now owns 1,108,552 shares of the financial services provider’s stock worth $140,176,000 after acquiring an additional 430,356 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in M&T Bank by 29.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock worth $218,308,000 after purchasing an additional 393,116 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.