M&T Bank (NYSE:MTB) Sets New 1-Year High – Time to Buy?

M&T Bank Corporation (NYSE:MTB) shares hit a new 52-week high on Monday . The stock traded as high as $258.42 and last traded at $258.42, with a volume of 132 shares trading hands. The stock had previously closed at $249.60.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MTB shares. Robert W. Baird raised their target price on shares of M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, July 16th. Royal Bank Of Canada increased their price target on shares of M&T Bank from $230.00 to $255.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group raised their price objective on shares of M&T Bank from $231.00 to $235.00 and gave the stock a “neutral” rating in a research report on Monday, April 6th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $251.43.

M&T Bank Price Performance

The company has a quick ratio of 0.94, a current ratio of 0.89 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $37.04 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.15 and a beta of 0.57. The business’s 50 day simple moving average is $231.98 and its 200-day simple moving average is $221.20.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the previous year, the firm posted $4.28 EPS. On average, research analysts forecast that M&T Bank Corporation will post 19.42 earnings per share for the current year.

M&T Bank announced that its board has approved a share buyback plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

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

About M&T Bank

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.