M&T Bank (NYSE:MTB) Sets New 52-Week High After Analyst Upgrade

M&T Bank Corporation (NYSE:MTB)’s share price hit a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $185.00 to $205.00. Wells Fargo & Company currently has an underweight rating on the stock. M&T Bank traded as high as $210.13 and last traded at $210.9530, with a volume of 88142 shares traded. The stock had previously closed at $204.04.

Other research analysts have also recently issued reports about the stock. Piper Sandler initiated coverage on shares of M&T Bank in a report on Monday, October 6th. They set an “overweight” rating and a $225.00 price target for the company. TD Cowen boosted their target price on M&T Bank from $235.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Evercore ISI increased their target price on M&T Bank from $222.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Cowen restated a “buy” rating on shares of M&T Bank in a research note on Monday, October 20th. Finally, Jefferies Financial Group upped their price objective on M&T Bank from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Moderate Buy” and a consensus price target of $220.15.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $190.06, for a total value of $1,140,360.00. Following the completion of the transaction, the director directly owned 17,070 shares of the company’s stock, valued at $3,244,324.20. This trade represents a 26.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Christopher E. Kay sold 5,250 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the sale, the executive vice president owned 5,501 shares in the company, valued at approximately $1,054,541.70. The trade was a 48.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Canoe Financial LP boosted its position in shares of M&T Bank by 46.8% in the third quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock worth $85,704,000 after acquiring an additional 138,173 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in M&T Bank by 27.3% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 8,111 shares of the financial services provider’s stock worth $1,574,000 after purchasing an additional 1,741 shares during the period. Ethic Inc. raised its stake in M&T Bank by 20.8% during the second quarter. Ethic Inc. now owns 25,741 shares of the financial services provider’s stock worth $4,988,000 after purchasing an additional 4,432 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of M&T Bank by 3.1% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 463,669 shares of the financial services provider’s stock valued at $89,947,000 after purchasing an additional 13,749 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of M&T Bank by 6.2% during the 2nd quarter. Marshall Wace LLP now owns 584,438 shares of the financial services provider’s stock valued at $113,375,000 after buying an additional 33,920 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 3.4%

The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $32.41 billion, a price-to-earnings ratio of 12.98, a P/E/G ratio of 0.87 and a beta of 0.59. The business has a fifty day moving average price of $193.61 and a 200 day moving average price of $193.73.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. The firm had revenue of $1.54 billion during the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%. As a group, equities analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were issued a $1.50 dividend. The ex-dividend date was Monday, December 1st. This represents a $6.00 annualized dividend and a yield of 2.8%. M&T Bank’s dividend payout ratio (DPR) is presently 36.95%.

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.