M&T Bank (NYSE:MTB) Announces Earnings Results, Misses Estimates By $0.03 EPS

M&T Bank (NYSE:MTB) issued its earnings results on Monday. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03), Zacks reports. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the company posted $3.09 EPS.

M&T Bank Stock Performance

NYSE:MTB opened at $159.47 on Wednesday. The stock has a 50 day simple moving average of $179.62 and a 200 day simple moving average of $191.54. The stock has a market cap of $26.20 billion, a P/E ratio of 10.90, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank has a 1-year low of $136.18 and a 1-year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.39%. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MTB shares. Citigroup decreased their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Royal Bank of Canada lowered their target price on M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday. Robert W. Baird cut their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday. DA Davidson dropped their price objective on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Morgan Stanley reduced their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $208.14.

M&T Bank announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

M&T Bank Company Profile

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.