M&T Bank Corporation (NYSE:MTB) Receives Consensus Rating of “Hold” from Analysts

Shares of M&T Bank Corporation (NYSE:MTB) have been given a consensus rating of “Hold” by the twenty-one ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $235.3158.

MTB has been the topic of a number of recent research reports. Wall Street Zen lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Jefferies Financial Group upped their target price on M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Piper Sandler upped their target price on M&T Bank from $235.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Morgan Stanley reduced their target price on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, Royal Bank Of Canada upped their target price on M&T Bank from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $212.22 on Friday. M&T Bank has a 12 month low of $174.76 and a 12 month high of $239.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.96. The business’s 50 day simple moving average is $211.82 and its 200-day simple moving average is $206.88. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.08 and a beta of 0.59.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned $3.32 EPS. As a group, equities analysts forecast that M&T Bank will post 18.69 earnings per share for the current fiscal year.

M&T Bank announced that its board has initiated a share repurchase plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.8%. M&T Bank’s dividend payout ratio is presently 33.59%.

Insider Buying and Selling

In related news, EVP Michael A. Wisler sold 8,237 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $223.48, for a total value of $1,840,804.76. Following the sale, the executive vice president owned 4,643 shares of the company’s stock, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 21,193 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $235.85, for a total value of $4,998,369.05. Following the completion of the transaction, the director owned 15,142 shares of the company’s stock, valued at $3,571,240.70. This trade represents a 58.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in M&T Bank by 3.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock valued at $285,341,000 after acquiring an additional 49,336 shares during the last quarter. Canoe Financial LP raised its holdings in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after acquiring an additional 219,065 shares during the last quarter. Barclays PLC raised its holdings in M&T Bank by 3.9% in the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock valued at $106,846,000 after acquiring an additional 20,120 shares during the last quarter. Davis Asset Management L.P. raised its holdings in M&T Bank by 23.1% in the 4th quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock valued at $80,592,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after acquiring an additional 103,692 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.