M&T Bank (NYSE:MTB) Reaches New 1-Year High – Here’s What Happened

M&T Bank Corporation (NYSE:MTB)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $239.00 and last traded at $236.9120, with a volume of 72469 shares traded. The stock had previously closed at $236.21.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MTB. Piper Sandler raised their target price on M&T Bank from $225.00 to $235.00 in a research note on Friday, January 16th. Cantor Fitzgerald boosted their price objective on M&T Bank from $228.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Wells Fargo & Company raised their target price on M&T Bank from $185.00 to $205.00 and gave the company an “underweight” rating in a research report on Monday, January 5th. Royal Bank Of Canada increased their price objective on shares of M&T Bank from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Friday, January 16th. Finally, UBS Group lifted their price target on M&T Bank from $217.00 to $230.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus price target of $228.50.

M&T Bank Price Performance

The company has a market capitalization of $35.17 billion, a PE ratio of 13.42, a PEG ratio of 1.03 and a beta of 0.60. The company has a current ratio of 0.90, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company’s 50 day moving average price is $213.00 and its 200-day moving average price is $198.57.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.72 EPS for the quarter, topping the consensus estimate of $4.47 by $0.25. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the previous year, the firm posted $3.77 earnings per share. On average, sell-side analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were issued a dividend of $1.50 per share. The ex-dividend date was Monday, December 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.6%. M&T Bank’s payout ratio is currently 35.19%.

Insider Activity at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 887 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total value of $191,405.73. Following the completion of the sale, the insider directly owned 16,446 shares of the company’s stock, valued at $3,548,882.34. The trade was a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of the company’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 transaction, the director owned 17,070 shares of the company’s stock, valued at approximately $3,244,324.20. This trade represents a 26.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 52,105 shares of company stock worth $11,488,231. 0.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. Canoe Financial LP increased its stake in shares of M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after acquiring an additional 219,065 shares during the last quarter. Miller Howard Investments Inc. NY acquired a new stake in M&T Bank during the fourth quarter worth approximately $42,817,000. Danske Bank A S bought a new stake in shares of M&T Bank in the third quarter valued at approximately $29,612,000. Russell Investments Group Ltd. raised its position in shares of M&T Bank by 94.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock valued at $57,879,000 after buying an additional 142,593 shares in the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after acquiring an additional 95,025 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

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.