M&T Bank (NYSE:MTB) Reaches New 52-Week High Following Analyst Upgrade

M&T Bank Corporation (NYSE:MTB) shares hit a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $185.00 to $205.00. Wells Fargo & Company currently has an underweight rating on the stock. M&T Bank traded as high as $210.13 and last traded at $210.9530, with a volume of 88142 shares changing hands. The stock had previously closed at $204.04.

Other equities research analysts also recently issued reports about the stock. Truist Financial downgraded shares of M&T Bank from a “buy” rating to a “hold” rating and set a $217.00 price objective on the stock. in a research report on Friday, December 12th. Citigroup raised their price target on M&T Bank from $215.00 to $225.00 and gave the company a “neutral” rating in a research note on Friday, January 2nd. Cowen reissued a “buy” rating on shares of M&T Bank in a research report on Monday, October 20th. Keefe, Bruyette & Woods increased their price target on shares of M&T Bank from $220.00 to $230.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of M&T Bank in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $220.69.

Insider Activity at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,000 shares of the business’s stock in a transaction on 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 $3,244,324.20. The trade was a 26.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher E. Kay sold 5,250 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 5,501 shares in the company, valued at $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently made changes to their positions in the stock. Canoe Financial LP raised its position in shares of M&T Bank by 24,443.7% during the 2nd quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock worth $57,325,000 after purchasing an additional 294,302 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of M&T Bank by 20.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,097,864 shares of the financial services provider’s stock valued at $196,243,000 after acquiring an additional 187,780 shares during the period. Strs Ohio bought a new position in shares of M&T Bank during the first quarter worth about $29,566,000. Danske Bank A S acquired a new stake in shares of M&T Bank in the 3rd quarter worth about $29,612,000. Finally, Russell Investments Group Ltd. boosted its stake in M&T Bank by 94.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock valued at $57,879,000 after purchasing an additional 142,593 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Up 0.8%

The firm’s 50 day simple moving average is $194.73 and its 200 day simple moving average is $194.11. The company has a market cap of $32.44 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 0.89 and a beta of 0.59. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.49.

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

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were issued a $1.50 dividend. The ex-dividend date was Monday, December 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. M&T Bank’s dividend payout ratio is presently 36.95%.

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.