M&T Bank Co. (NYSE:MTB) to Issue $1.35 Quarterly Dividend

M&T Bank Co. (NYSE:MTB) announced a quarterly dividend on Wednesday, February 19th,RTT News reports. Stockholders of record on Monday, March 3rd will be paid a dividend of 1.35 per share by the financial services provider on Monday, March 31st. This represents a $5.40 annualized dividend and a dividend yield of 2.71%.

M&T Bank has a payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect M&T Bank to earn $18.68 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 28.9%.

M&T Bank Price Performance

Shares of NYSE:MTB traded down $1.24 during mid-day trading on Wednesday, reaching $199.37. The stock had a trading volume of 717,418 shares, compared to its average volume of 1,190,210. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank has a 1 year low of $133.03 and a 1 year high of $225.70. The business’s 50 day moving average price is $195.30 and its 200 day moving average price is $189.51. The company has a market cap of $33.08 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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. Research analysts expect that M&T Bank will post 16.57 EPS for the current fiscal year.

Insider Transactions at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank announced that its board has authorized a share repurchase program on Wednesday, January 22nd that allows the company 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 programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently commented on MTB. Piper Sandler increased their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Wells Fargo & Company lifted their target price on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Compass Point raised their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, Barclays boosted their target price on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus target price of $221.68.

About M&T Bank

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.