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

M&T Bank Corporation (NYSE:MTB) shares reached a new 52-week high during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $245.00 to $253.00. Morgan Stanley currently has an equal weight rating on the stock. M&T Bank traded as high as $239.83 and last traded at $238.8270, with a volume of 164300 shares changing hands. The stock had previously closed at $237.26.

A number of other research analysts have also commented on MTB. Argus upped their price target on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Robert W. Baird raised their price objective on shares of M&T Bank from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Royal Bank Of Canada upped their target price on shares of M&T Bank from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Finally, UBS Group set a $235.00 price target on shares of M&T Bank in a report on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $236.00.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business’s 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 sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in shares of M&T Bank by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock worth $285,341,000 after acquiring an additional 49,336 shares during the period. Canoe Financial LP raised its position in M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares in the last quarter. Barclays PLC lifted its stake in M&T Bank by 3.9% during the fourth quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock worth $106,846,000 after purchasing an additional 20,120 shares during the period. Davis Asset Management L.P. lifted its stake in M&T Bank by 23.1% during the fourth quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock worth $80,592,000 after purchasing an additional 75,000 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in M&T Bank by 35.4% during the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after purchasing an additional 103,692 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50 day moving average price of $218.54 and a two-hundred day moving average price of $215.16. The company has a market capitalization of $34.91 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.16 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the company earned $3.32 EPS. On average, research analysts expect that M&T Bank Corporation will post 18.8 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. M&T Bank’s dividend payout ratio is presently 33.59%.

M&T Bank announced that its board has authorized a stock buyback program on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.