M&T Bank (NYSE:MTB) Hits New 52-Week High – Time to Buy?

Shares of M&T Bank Corporation (NYSE:MTB) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $239.00 and last traded at $236.9120, with a volume of 72469 shares trading hands. The stock had previously closed at $236.21.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Truist Financial set a $230.00 price objective on M&T Bank in a research note on Tuesday, January 20th. Jefferies Financial Group raised their target price on M&T Bank from $250.00 to $255.00 and gave the company a “buy” rating in a report on Friday, January 16th. Barclays lifted their price target on M&T Bank from $220.00 to $236.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Royal Bank Of Canada increased their price objective on M&T Bank from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, January 16th. Finally, Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $228.50.

M&T Bank Price Performance

The company has a market cap of $36.38 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.04 and a beta of 0.60. The company has a current ratio of 0.90, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average price of $211.50 and a two-hundred day moving average price of $198.09.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.72 EPS for the quarter, beating analysts’ consensus estimates of $4.47 by $0.25. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same period in the prior year, the company posted $3.77 earnings per share. As a group, equities research 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 announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were paid 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 2.5%. M&T Bank’s payout ratio is presently 35.19%.

Insider Transactions at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 887 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total transaction of $191,405.73. Following the completion of the transaction, the insider owned 16,446 shares in the company, valued at $3,548,882.34. This trade represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Barnes sold 17,866 shares of M&T Bank stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $220.81, for a total value of $3,944,991.46. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,912 shares of company stock valued at $6,489,862. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

Large investors have recently bought and sold shares of the stock. Golden State Wealth Management LLC lifted its holdings in shares of M&T Bank by 2,214.3% during the second quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 155 shares during the period. Bank of Jackson Hole Trust increased its position in shares of M&T Bank by 342.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 120 shares in the last quarter. Triumph Capital Management bought a new position in M&T Bank during the 3rd quarter valued at about $32,000. Elyxium Wealth LLC acquired a new position in M&T Bank in the fourth quarter valued at about $33,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in M&T Bank during the second quarter worth about $36,000. 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.