M&T Bank (NYSE:MTB) Issues Quarterly Earnings Results, Beats Expectations By $0.24 EPS

M&T Bank (NYSE:MTB) announced its earnings results on Wednesday. The financial services provider reported $4.28 EPS for the quarter, topping the consensus estimate of $4.04 by $0.24, Zacks reports. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the company earned $3.73 earnings per share.

M&T Bank Stock Down 0.1%

M&T Bank stock opened at $195.44 on Friday. The firm has a market capitalization of $31.37 billion, a PE ratio of 12.67, a P/E/G ratio of 1.37 and a beta of 0.63. The company’s 50-day moving average is $188.26 and its 200-day moving average is $184.31. M&T Bank has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.97.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.76%. M&T Bank’s dividend payout ratio is presently 36.17%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MTB. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. TD Cowen began coverage on shares of M&T Bank in a report on Thursday, May 15th. They set a “buy” rating and a $230.00 price target on the stock. Citigroup upped their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Morgan Stanley upped their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has an average rating of “Moderate Buy” and a consensus price target of $212.88.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A hedge fund recently raised its stake in M&T Bank stock. Empowered Funds LLC increased its stake in shares of M&T Bank Corporation (NYSE:MTB) by 11.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,396 shares of the financial services provider’s stock after purchasing an additional 362 shares during the quarter. Empowered Funds LLC’s holdings in M&T Bank were worth $607,000 at the end of the most recent reporting period. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.