M&T Bank (NYSE:MTB) Hits New 1-Year High at $177.61

M&T Bank Co. (NYSE:MTB) hit a new 52-week high on Wednesday . The company traded as high as $177.61 and last traded at $176.95, with a volume of 534776 shares. The stock had previously closed at $173.82.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MTB shares. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Citigroup upped their price target on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Piper Sandler boosted their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Wells Fargo & Company lowered shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. Finally, Evercore ISI lifted their price target on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $175.85.

M&T Bank Price Performance

The stock has a market cap of $29.04 billion, a P/E ratio of 11.76, a PEG ratio of 3.32 and a beta of 0.76. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The business’s fifty day moving average price is $166.05 and its 200 day moving average price is $152.83.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter last year, the business posted $5.12 earnings per share. Sell-side analysts forecast that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Activity

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares in the company, valued at $7,724,491.06. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock valued at $5,115,349 over the last quarter. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Hedge funds have recently bought and sold shares of the company. General Partner Inc. bought a new position in shares of M&T Bank in the 1st quarter worth about $27,000. Fidelis Capital Partners LLC acquired a new stake in M&T Bank during the first quarter worth approximately $30,000. Principal Securities Inc. bought a new stake in M&T Bank in the fourth quarter worth approximately $34,000. Oakworth Capital Inc. acquired a new position in M&T Bank in the second quarter valued at approximately $35,000. Finally, Mark Sheptoff Financial Planning LLC boosted its holdings in shares of M&T Bank by 677.4% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock worth $57,000 after buying an additional 359 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.