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

M&T Bank Corporation (NYSE:MTB) shares reached a new 52-week high on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $220.00 to $230.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. M&T Bank traded as high as $207.34 and last traded at $205.9950, with a volume of 1048925 shares traded. The stock had previously closed at $204.09.

Other equities analysts have also issued reports about the stock. Evercore ISI raised their target price on shares of M&T Bank from $222.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Truist Financial lowered M&T Bank from a “buy” rating to a “hold” rating and set a $217.00 price objective on the stock. in a research note on Friday, December 12th. Cantor Fitzgerald assumed coverage on shares of M&T Bank in a report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price target on the stock. Cowen reiterated a “buy” rating on shares of M&T Bank in a research report on Monday, October 20th. Finally, Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, M&T Bank has an average rating of “Moderate Buy” and an average target price of $214.62.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 5,250 shares of M&T Bank stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total transaction of $1,006,425.00. Following the completion of the transaction, the executive vice president owned 5,501 shares of the company’s stock, valued at $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total value of $1,140,360.00. Following the sale, the director owned 17,070 shares in the company, valued at approximately $3,244,324.20. The trade was a 26.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. lifted its position in shares of M&T Bank by 13.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,619 shares of the financial services provider’s stock valued at $320,000 after acquiring an additional 188 shares during the period. Danske Bank A S bought a new stake in shares of M&T Bank during the third quarter valued at approximately $29,612,000. NewEdge Advisors LLC raised its position in shares of M&T Bank by 3.6% during the third quarter. NewEdge Advisors LLC now owns 15,566 shares of the financial services provider’s stock worth $3,076,000 after purchasing an additional 547 shares during the period. McCollum Christoferson Group LLC lifted its holdings in shares of M&T Bank by 41.0% in the 3rd quarter. McCollum Christoferson Group LLC now owns 32,986 shares of the financial services provider’s stock worth $6,519,000 after purchasing an additional 9,590 shares in the last quarter. Finally, Triumph Capital Management acquired a new stake in M&T Bank in the 3rd quarter valued at $32,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 0.9%

The firm has a market cap of $31.66 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 0.97 and a beta of 0.61. The firm’s 50-day moving average is $188.32 and its 200-day moving average is $191.71. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share for the quarter. The firm 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%. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 1st will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.00 annualized dividend and a yield of 2.9%. M&T Bank’s dividend payout ratio (DPR) is presently 36.95%.

About M&T Bank

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.