M&T Bank (NYSE:MTB) Hits New 1-Year High – Here’s What Happened

M&T Bank Corporation (NYSE:MTB)’s stock price hit a new 52-week high on Friday . The company traded as high as $222.40 and last traded at $221.4480, with a volume of 22803 shares traded. The stock had previously closed at $221.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wolfe Research cut shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. Citigroup boosted their price target on M&T Bank from $215.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday, January 2nd. Wells Fargo & Company increased their price objective on M&T Bank from $185.00 to $205.00 and gave the stock an “underweight” rating in a research report on Monday, January 5th. Royal Bank Of Canada lifted their target price on M&T Bank from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Friday, January 16th. Finally, Piper Sandler upped their price target on M&T Bank from $225.00 to $235.00 in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus target price of $224.29.

M&T Bank Price Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.97. The company has a 50-day simple moving average of $204.86 and a 200-day simple moving average of $196.09. The stock has a market cap of $34.02 billion, a PE ratio of 12.98, a PEG ratio of 0.95 and a beta of 0.59.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.25. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the company posted $3.77 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. M&T Bank’s dividend payout ratio (DPR) is 35.19%.

Insider Activity

In other M&T Bank news, Director John P. Barnes sold 17,866 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $220.81, for a total value of $3,944,991.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director owned 17,070 shares of the company’s stock, valued at approximately $3,244,324.20. This represents a 26.01% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,116 shares of company stock worth $6,091,776. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of large investors have recently added to or reduced their stakes in the business. Munich Reinsurance Co Stock Corp in Munich raised its position in M&T Bank by 37.1% during the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after acquiring an additional 95,025 shares during the last quarter. Citizens & Northern Corp increased its stake in shares of M&T Bank by 7.6% during the 4th quarter. Citizens & Northern Corp now owns 3,642 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 258 shares in the last quarter. Kingswood Wealth Advisors LLC increased its stake in shares of M&T Bank by 17.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 1,991 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 289 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of M&T Bank by 45.5% during the 4th quarter. Salomon & Ludwin LLC now owns 339 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 106 shares during the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new stake in M&T Bank in the 4th quarter valued at approximately $42,817,000. 84.68% of the stock is owned by institutional investors and hedge funds.

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.