M&T Bank (NYSE:MTB) Sets New 12-Month High Following Analyst Upgrade

M&T Bank Corporation (NYSE:MTB) hit a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $245.00 to $253.00. Morgan Stanley currently has an equal weight rating on the stock. M&T Bank traded as high as $239.83 and last traded at $238.8270, with a volume of 164300 shares. The stock had previously closed at $237.26.

MTB has been the subject of several other reports. UBS Group set a $235.00 price objective on shares of M&T Bank in a research report on Thursday, April 16th. DA Davidson increased their target price on shares of M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Argus lifted their target price on shares of 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 decreased their target price on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Finally, Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average target price of $236.00.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value 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 approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.44% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently made changes to their positions in MTB. Empowered Funds LLC raised its stake in shares of M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock valued at $607,000 after acquiring an additional 362 shares in the last quarter. Woodline Partners LP grew its holdings in M&T Bank by 40.7% during the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock valued at $2,506,000 after purchasing an additional 4,054 shares during the last quarter. Lazard Asset Management LLC raised its position 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 valued at $562,000 after purchasing an additional 572 shares during the period. MUFG Securities EMEA plc bought a new position in shares of M&T Bank in the second quarter valued at approximately $92,000. Finally, Geneos Wealth Management Inc. lifted 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 buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s 50 day moving average price is $218.54 and its two-hundred day moving average price is $215.16. The firm has a market capitalization of $34.91 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.16 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (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 analyst estimates of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same period last year, the business posted $3.32 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 18.8 EPS for the current year.

M&T Bank Dividend Announcement

The firm 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 $1.50 dividend. The ex-dividend date is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. M&T Bank’s payout ratio is presently 33.59%.

M&T Bank declared that its board has authorized a stock repurchase program on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.