M&T Bank (NYSE:MTB) Hits New 1-Year High at $177.61

M&T Bank Co. (NYSE:MTB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $177.61 and last traded at $176.95, with a volume of 534776 shares changing hands. The stock had previously closed at $173.82.

Analyst Ratings Changes

A number of equities research analysts have commented on MTB shares. Wells Fargo & Company lowered shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $170.00 to $165.00 in a report on Thursday, August 15th. Piper Sandler increased their price target on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Bank of America boosted their price objective on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. DA Davidson increased their price objective on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Finally, JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $175.85.

M&T Bank Stock Up 0.1 %

The firm’s 50-day moving average is $166.05 and its 200 day moving average is $152.83. The firm has a market capitalization of $29.04 billion, a P/E ratio of 11.76, a PEG ratio of 3.32 and a beta of 0.76. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the company earned $5.12 earnings per share. As a group, equities research analysts predict that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Activity at M&T Bank

In other news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the transaction, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,699 shares of company stock valued at $5,115,349. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. Ontario Teachers Pension Plan Board raised its stake in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after acquiring an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in shares of M&T Bank in the first quarter valued at about $3,125,000. Rafferty Asset Management LLC raised its position in shares of M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after purchasing an additional 100,526 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after buying an additional 18,566 shares during the period. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.