M&T Bank Co. (NYSE:MTB) announced a quarterly dividend on Wednesday, February 21st, RTT News reports. Shareholders of record on Monday, March 5th will be given a dividend of 0.75 per share by the financial services provider on Friday, March 30th. This represents a $3.00 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, March 2nd.
M&T Bank has increased its dividend by an average of 2.3% annually over the last three years. M&T Bank has a dividend payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect M&T Bank to earn $13.08 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 22.9%.
Shares of M&T Bank (NYSE MTB) opened at $193.51 on Friday. The stock has a market capitalization of $29,060.75, a P/E ratio of 20.52, a price-to-earnings-growth ratio of 1.24 and a beta of 0.91. The company has a current ratio of 0.99, a quick ratio of 1.05 and a debt-to-equity ratio of 0.54. M&T Bank has a twelve month low of $141.12 and a twelve month high of $196.64.
M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 18th. The financial services provider reported $2.66 EPS for the quarter, topping the consensus estimate of $2.40 by $0.26. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.41 billion. M&T Bank had a return on equity of 10.12% and a net margin of 23.40%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.98 EPS. equities analysts anticipate that M&T Bank will post 12.2 earnings per share for the current fiscal year.
Several research analysts have recently commented on MTB shares. UBS Group upgraded M&T Bank from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $150.00 to $173.00 in a research report on Tuesday, December 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $180.00 target price on shares of M&T Bank in a research report on Thursday, December 14th. Wells Fargo & Co set a $180.00 target price on M&T Bank and gave the stock a “hold” rating in a research report on Wednesday, December 20th. ValuEngine upgraded M&T Bank from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Barclays lifted their target price on M&T Bank from $175.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $176.12.
M&T Bank declared that its Board of Directors has approved a stock repurchase program on Monday, February 5th that permits the company to repurchase $745.00 million in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In related news, VP Michael R. Spychala sold 13,417 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $170.92, for a total transaction of $2,293,233.64. Following the completion of the transaction, the vice president now owns 51,622 shares in the company, valued at approximately $8,823,232.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Richard S. Gold sold 4,904 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $191.50, for a total value of $939,116.00. Following the transaction, the chief operating officer now owns 44,888 shares of the company’s stock, valued at approximately $8,596,052. The disclosure for this sale can be found here. Insiders have sold a total of 92,427 shares of company stock valued at $17,033,174 in the last 90 days. Insiders own 3.18% of the company’s stock.
About M&T Bank
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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