M&T Bank (NYSE:MTB) Shares Gap Down to $133.64

Posted by Defense World Staff on Mar 12th, 2023

Shares of M&T Bank Co. (NYSE:MTB – Get Rating) gapped down prior to trading on Friday . The stock had previously closed at $133.64, but opened at $128.72. M&T Bank shares last traded at $125.45, with a volume of 454,374 shares.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on M&T Bank from $153.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, January 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on M&T Bank from $255.00 to $175.00 in a report on Friday, January 6th. Wells Fargo & Company decreased their price objective on M&T Bank from $175.00 to $165.00 and set an “equal weight” rating on the stock in a report on Thursday, December 8th. Barclays cut M&T Bank from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $225.00 to $194.00 in a report on Tuesday, January 3rd. Finally, Morgan Stanley decreased their price objective on M&T Bank from $225.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, January 23rd. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $182.18.

M&T Bank Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.17. The business has a 50 day simple moving average of $152.65 and a two-hundred day simple moving average of $163.83. The firm has a market cap of $22.13 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 0.67 and a beta of 0.82.

M&T Bank (NYSE:MTB – Get Rating) last released its earnings results on Thursday, January 19th. The financial services provider reported $4.57 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.10. M&T Bank had a return on equity of 11.41% and a net margin of 23.15%. The business had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the firm posted $3.37 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 18.09 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Monday, March 6th will be paid a $1.30 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 3rd. This represents a $5.20 dividend on an annualized basis and a yield of 3.95%. M&T Bank’s dividend payout ratio (DPR) is presently 45.14%.

Hedge Funds Weigh In On M&T Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Hawaiian Bank grew its position in shares of M&T Bank by 1.1% during the 3rd quarter. First Hawaiian Bank now owns 8,193 shares of the financial services provider’s stock worth $1,444,000 after buying an additional 91 shares in the last quarter. Ossiam grew its position in shares of M&T Bank by 12.1% during the 2nd quarter. Ossiam now owns 4,430 shares of the financial services provider’s stock worth $706,000 after buying an additional 477 shares in the last quarter. Clarius Group LLC bought a new position in shares of M&T Bank during the 2nd quarter worth $279,000. Prudential PLC grew its position in shares of M&T Bank by 12.8% during the 3rd quarter. Prudential PLC now owns 5,192 shares of the financial services provider’s stock worth $915,000 after buying an additional 590 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of M&T Bank by 3.9% during the 3rd quarter. Raymond James & Associates now owns 245,119 shares of the financial services provider’s stock worth $43,221,000 after buying an additional 9,266 shares in the last quarter. Institutional investors own 84.10% of the company’s stock.

M&T Bank Company Profile

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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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.