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

Shares of M&T Bank Corporation (NYSE:MTB) reached a new 52-week high on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $220.00 to $230.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. M&T Bank traded as high as $207.34 and last traded at $205.9950, with a volume of 1048925 shares changing hands. The stock had previously closed at $204.09.

MTB has been the subject of a number of other reports. Cowen reissued a “buy” rating on shares of M&T Bank in a research report on Monday, October 20th. UBS Group lifted their price objective on shares of M&T Bank from $207.00 to $208.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Cantor Fitzgerald began coverage on shares of M&T Bank in a report on Wednesday, September 10th. They issued an “overweight” rating and a $228.00 target price for the company. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of M&T Bank in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Moderate Buy” and an average target price of $214.62.

Insider Buying and Selling at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total transaction of $1,140,360.00. Following the completion of the sale, the director owned 17,070 shares in the company, valued at approximately $3,244,324.20. This trade represents a 26.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Christopher E. Kay sold 5,250 shares of M&T Bank stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total transaction of $1,006,425.00. Following the completion of the sale, the executive vice president directly owned 5,501 shares in the company, valued at approximately $1,054,541.70. This represents a 48.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MTB. Wealth Preservation Advisors LLC purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $25,000. WPG Advisers LLC bought a new position in M&T Bank during the first quarter valued at $25,000. Bank of Jackson Hole Trust increased its position in M&T Bank by 342.9% in the third quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock worth $31,000 after buying an additional 120 shares during the last quarter. Triumph Capital Management purchased a new stake in M&T Bank in the third quarter worth $32,000. Finally, Golden State Wealth Management LLC raised its stake in shares of M&T Bank by 2,214.3% in the second quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock valued at $31,000 after buying an additional 155 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The business has a 50-day moving average price of $188.32 and a 200 day moving average price of $191.71. The stock has a market cap of $31.66 billion, a PE ratio of 12.68, a PEG ratio of 0.97 and a beta of 0.61.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share for the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%.The company had revenue of $1.54 billion during the quarter. As a group, research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st will be paid a $1.50 dividend. The ex-dividend date is Monday, December 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.9%. M&T Bank’s dividend payout ratio (DPR) is presently 36.95%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.