M&T Bank (NYSE:MTB) Hits New 12-Month High After Analyst Upgrade

M&T Bank Corporation (NYSE:MTB) shares hit a new 52-week high during 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 traded. The stock had previously closed at $249.24.

A number of other research analysts have also weighed in on the company. Argus raised their price objective on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a report on Friday, April 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a report on Thursday, June 4th. Cantor Fitzgerald increased their target price on shares of M&T Bank from $253.00 to $262.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson raised their price target on shares of M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Royal Bank Of Canada raised their price target on shares of M&T Bank from $230.00 to $255.00 and gave the stock an “outperform” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $249.50.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

Several large investors have recently added to or reduced their stakes in MTB. Bogart Wealth LLC raised its holdings in shares of M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 84 shares during the period. Triumph Capital Management purchased a new stake in shares of M&T Bank in the third quarter valued at about $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 fourth 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 last quarter. Finally, Hoese & Co LLP acquired a new stake in M&T Bank during the fourth quarter worth about $50,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Down 0.2%

The company has a debt-to-equity ratio of 0.53, a current ratio of 0.89 and a quick ratio of 0.94. The business’s 50 day simple moving average is $225.98 and its 200 day simple moving average is $219.06. The company has a market capitalization of $36.42 billion, a PE ratio of 13.19, a P/E/G ratio of 1.19 and a beta of 0.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the prior year, the company posted $4.28 EPS. As a group, analysts anticipate that M&T Bank Corporation will post 19.2 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

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

M&T Bank declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 31st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.