M&T Bank (NYSE:MTB) Sets New 52-Week High – Here’s What Happened

M&T Bank Corporation (NYSE:MTB)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $244.23 and last traded at $243.3040, with a volume of 42159 shares trading hands. The stock had previously closed at $242.34.

Analyst Ratings Changes

Several brokerages have weighed in on MTB. Morgan Stanley upped their price target on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Cantor Fitzgerald decreased their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Evercore set a $260.00 price objective on M&T Bank in a research report on Monday, July 6th. UBS Group upped their target price on shares of M&T Bank from $225.00 to $252.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Robert W. Baird restated a “neutral” rating and set a $240.00 target price on shares of M&T Bank in a research note on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $240.55.

M&T Bank Trading Down 0.2%

The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The business’s 50 day moving average is $222.81 and its 200 day moving average is $217.62. The stock has a market cap of $35.43 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.20 and a beta of 0.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period last year, the firm earned $3.32 earnings per share. As a group, equities analysts expect that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, June 1st. M&T Bank’s dividend payout ratio is 33.59%.

M&T Bank declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 84 shares during the period. Triumph Capital Management purchased a new position in M&T Bank in the 3rd quarter valued at $32,000. Elyxium Wealth LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $33,000. Bank of Jackson Hole Trust increased its position in M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in M&T Bank during the second quarter worth $51,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Company Profile

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.