M&T Bank (NYSE:MTB) Sets New 52-Week High – Here’s Why

M&T Bank Corporation (NYSE:MTB) reached a new 52-week high during trading on Monday . The company traded as high as $244.23 and last traded at $243.3040, with a volume of 42159 shares changing hands. The stock had previously closed at $242.34.

Analyst Ratings Changes

MTB has been the topic of a number of recent analyst reports. Morgan Stanley raised their target price on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Royal Bank Of Canada upped their price target on M&T Bank from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their price objective on shares of M&T Bank from $227.00 to $251.50 and gave the company a “neutral” rating in a report on Monday, July 6th. UBS Group upped their target price on shares of M&T Bank from $225.00 to $252.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company increased their target price on shares of M&T Bank from $205.00 to $215.00 and gave the stock an “underweight” rating in a report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $240.55.

M&T Bank Stock Performance

The stock has a market capitalization of $35.42 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.20 and a beta of 0.57. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $223.81 and its two-hundred day moving average is $218.12.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the company earned $3.32 EPS. Analysts expect that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 1st. M&T Bank’s dividend payout ratio is currently 33.59%.

M&T Bank declared that its board has initiated a share buyback program on Tuesday, March 31st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in M&T Bank by 11.9% during the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after purchasing an additional 362 shares during the last quarter. Woodline Partners LP increased its stake in M&T Bank by 40.7% in the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock valued at $2,506,000 after buying an additional 4,054 shares during the last quarter. Lazard Asset Management LLC increased its stake in M&T Bank by 24.6% in the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $562,000 after buying an additional 572 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in M&T Bank during the 2nd quarter worth about $92,000. Finally, Geneos Wealth Management Inc. lifted its position in M&T Bank by 4.3% during the 2nd 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 in the last quarter. 84.68% of the stock is owned by institutional investors.

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.