M&T Bank (NYSE:MTB) Hits New 1-Year High on Analyst Upgrade

M&T Bank Corporation (NYSE:MTB)’s stock price hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $230.00 to $268.00. Truist Financial currently has a hold rating on the stock. M&T Bank traded as high as $255.00 and last traded at $249.8530, with a volume of 1110084 shares changing hands. The stock had previously closed at $249.24.

Several other equities analysts have also recently weighed in on the company. Piper Sandler raised their price objective on M&T Bank from $235.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. UBS Group raised their price target on shares of M&T Bank from $225.00 to $252.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Cantor Fitzgerald boosted their price target on shares of M&T Bank from $253.00 to $262.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Argus upped their price objective on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research note on Thursday, June 4th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $251.50.

Insider Activity

In other news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.44% of the stock is currently owned by corporate insiders.

Institutional Trading of M&T Bank

A number of large investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in M&T Bank in the second quarter valued at about $51,000. First Citizens Financial Corp raised its holdings in shares of M&T Bank by 15.6% in the 2nd quarter. First Citizens Financial Corp now owns 1,233 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 166 shares during the period. GAMMA Investing LLC raised its holdings in shares of M&T Bank by 7.1% in the 2nd quarter. GAMMA Investing LLC now owns 6,343 shares of the financial services provider’s stock worth $1,510,000 after purchasing an additional 422 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in M&T Bank in the second quarter valued at approximately $224,000. Finally, CoreCap Advisors LLC lifted its stake in M&T Bank by 2,310.0% in the second quarter. CoreCap Advisors LLC now owns 482 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.4%

The firm has a fifty day simple moving average of $227.60 and a two-hundred day simple moving average of $219.71. The firm has a market capitalization of $36.38 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.89 and a quick ratio of 0.94.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same period in the previous year, the business posted $4.28 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 19.33 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Company Profile

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.