M&T Bank Co. (NYSE:MTB) to Issue Quarterly Dividend of $1.35

M&T Bank Co. (NYSE:MTB) announced a quarterly dividend on Wednesday, February 19th,RTT News reports. Stockholders of record on Monday, March 3rd will be paid a dividend of 1.35 per share by the financial services provider on Monday, March 31st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.71%.

M&T Bank has a payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect M&T Bank to earn $18.68 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 28.9%.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $199.37 on Thursday. The stock’s fifty day moving average is $195.25 and its 200 day moving average is $189.58. M&T Bank has a one year low of $133.03 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a market cap of $33.08 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.41 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company earned $2.74 EPS. Sell-side analysts anticipate that M&T Bank will post 16.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTB. Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Barclays raised their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Compass Point lifted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Truist Financial restated a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.