M&T Bank (NYSE:MTB) Board of Directors Announces Share Buyback Plan

M&T Bank (NYSE:MTB) announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd, RTT News reports. The company plans to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

MTB has been the subject of a number of analyst reports. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Stock Up 0.7 %

Shares of M&T Bank stock opened at $196.96 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a market capitalization of $32.68 billion, a PE ratio of 13.46, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. M&T Bank has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a 50-day simple moving average of $201.43 and a two-hundred day simple moving average of $184.73.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the firm earned $2.74 earnings per share. On average, analysts anticipate that M&T Bank will post 16.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Insider Buying and Selling

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,994 shares of company stock worth $13,331,878. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.