M&T Bank (NYSE:MTB) Shares Gap Up to $134.56

Shares of M&T Bank Co. (NYSE:MTB) gapped up before the market opened on Monday . The stock had previously closed at $134.56, but opened at $139.94. M&T Bank shares last traded at $143.41, with a volume of 733,283 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MTB. Piper Sandler decreased their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Friday, January 19th. Evercore ISI increased their target price on shares of M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Morgan Stanley increased their target price on shares of M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research note on Tuesday. Finally, Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $157.98.

M&T Bank Trading Down 2.5 %

The business’s 50 day moving average price is $139.44 and its two-hundred day moving average price is $132.72. The company has a market capitalization of $22.89 billion, a price-to-earnings ratio of 8.71, a price-to-earnings-growth ratio of 1.24 and a beta of 0.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the company earned $4.09 earnings per share. Equities analysts forecast that M&T Bank Co. will post 13.89 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were issued a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.79%. M&T Bank’s dividend payout ratio is currently 32.95%.

Insider Activity

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now owns 6,367 shares in the company, valued at approximately $923,215. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the transaction, the director now owns 6,367 shares in the company, valued at approximately $923,215. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $137.91, for a total transaction of $230,999.25. Following the transaction, the executive vice president now owns 8,961 shares in the company, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. Insiders have sold 35,481 shares of company stock worth $5,114,624 over the last 90 days. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Clear Street Markets LLC acquired a new position in M&T Bank in the 4th quarter valued at $25,000. HHM Wealth Advisors LLC acquired a new position in M&T Bank in the 4th quarter valued at $25,000. General Partner Inc. acquired a new position in M&T Bank in the 1st quarter valued at $27,000. RVW Wealth LLC acquired a new position in M&T Bank in the 3rd quarter valued at $27,000. Finally, Quarry LP acquired a new position in M&T Bank in the 1st quarter valued at $27,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

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.