M&T Bank Corporation (NYSE:MTB) Receives Average Recommendation of “Hold” from Brokerages

Shares of M&T Bank Corporation (NYSE:MTB) have been given an average rating of “Hold” by the twenty-one ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $235.3158.

A number of research analysts recently commented on MTB shares. JPMorgan Chase & Co. reduced their target price on M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Argus increased their target price on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Cantor Fitzgerald reduced their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research note on Friday, April 17th. Morgan Stanley reduced their price objective on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, DA Davidson raised their price objective on M&T Bank from $233.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th.

M&T Bank Stock Up 2.8%

MTB opened at $217.50 on Wednesday. The stock has a market cap of $31.85 billion, a PE ratio of 12.18, a P/E/G ratio of 1.07 and a beta of 0.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a 52 week low of $174.76 and a 52 week high of $239.00. The business’s fifty day simple moving average is $212.37 and its 200 day simple moving average is $210.15.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the prior year, the firm earned $3.32 earnings per share. As a group, research analysts expect that M&T Bank will post 18.69 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is 33.59%.

Insider Activity

In other news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MTB. Empowered Funds LLC grew its stake in shares of M&T Bank by 11.9% during the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock valued at $607,000 after buying an additional 362 shares during the last quarter. Woodline Partners LP grew its stake in shares of M&T Bank by 40.7% in the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after purchasing an additional 4,054 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of M&T Bank by 24.6% in the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 572 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of M&T Bank in the second quarter worth about $92,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of M&T Bank by 4.3% in the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 71 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

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.