M&T Bank (NYSE:MTB) Hits New 52-Week High – What’s Next?

Shares of M&T Bank Corporation (NYSE:MTB) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $258.42 and last traded at $258.42, with a volume of 132 shares traded. The stock had previously closed at $249.60.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MTB shares. DA Davidson raised their price objective on M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Morgan Stanley boosted 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. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Piper Sandler lifted their price objective on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lifted their price target on M&T Bank from $227.00 to $251.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $251.43.

M&T Bank Price Performance

The company has a market cap of $37.85 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 1.16 and a beta of 0.57. 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 has a 50-day moving average price of $230.22 and a 200 day moving average price of $220.64.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the company posted $4.28 EPS. As a group, research analysts expect that M&T Bank Corporation will post 19.42 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 16.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

Institutional investors and hedge funds have recently modified their holdings of the company. Bogart Wealth LLC increased its holdings in M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock valued at $25,000 after buying an additional 84 shares during the period. Triumph Capital Management acquired a new position in shares of M&T Bank in the 3rd quarter worth approximately $32,000. Elyxium Wealth LLC bought a new position in shares of M&T Bank during the 4th quarter worth approximately $33,000. Bank of Jackson Hole Trust boosted its stake in 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 in the last quarter. Finally, Hoese & Co LLP acquired a new stake in shares of M&T Bank during the 4th quarter worth about $50,000. 84.68% of the stock is currently 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.