M&T Bank (NYSE:MTB) Hits New 52-Week High After Analyst Upgrade

M&T Bank Corporation (NYSE:MTB)’s share price hit a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $255.00 and last traded at $249.8530, with a volume of 1110084 shares. The stock had previously closed at $249.24.

A number of other research analysts also recently issued reports on MTB. JPMorgan Chase & Co. lifted their price objective on shares of M&T Bank from $227.00 to $251.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Morgan Stanley increased their target price on shares of M&T Bank from $245.00 to $253.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Argus raised their target price on shares of M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Royal Bank Of Canada raised their target price on shares of M&T Bank from $230.00 to $255.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Cantor Fitzgerald lifted 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. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $249.50.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MTB. Commonwealth Retirement Investments LLC increased its stake in M&T Bank by 0.4% during the fourth quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock valued at $2,214,000 after purchasing an additional 44 shares during the last quarter. Wedbush Securities Inc. lifted its position in shares of M&T Bank by 2.4% in the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock worth $448,000 after buying an additional 52 shares during the last quarter. CX Institutional lifted its position in shares of M&T Bank by 3.4% in the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock worth $393,000 after buying an additional 54 shares during the last quarter. Bank of Jackson Hole Trust boosted its holdings in shares of M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after buying an additional 60 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its holdings in shares of M&T Bank by 2.1% in the 4th quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock valued at $698,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 0.2%

The company has a current ratio of 0.89, a quick ratio of 0.94 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average is $226.81 and its two-hundred day moving average is $219.38. The firm has a market cap of $36.56 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.19 and a beta of 0.57.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter last year, the company posted $4.28 earnings per share. As a group, analysts expect that M&T Bank Corporation will post 19.2 earnings per share for the current fiscal year.

M&T Bank declared that its board has approved a stock buyback plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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.