M&T Bank (NYSE:MTB) Reaches New 52-Week High on Analyst Upgrade

M&T Bank Corporation (NYSE:MTB)’s stock price reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $227.00 to $251.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. M&T Bank traded as high as $243.57 and last traded at $237.8810, with a volume of 724764 shares traded. The stock had previously closed at $238.88.

Several other equities research analysts also recently weighed in on MTB. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a report on Thursday, June 4th. Morgan Stanley upped their target price on shares of M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. DA Davidson lifted their price target on shares of M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. UBS Group set a $235.00 price target on shares of M&T Bank in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $237.82.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the transaction, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently made changes to their positions in MTB. Bogart Wealth LLC boosted its position in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 84 shares during the period. Triumph Capital Management purchased a new position in shares of M&T Bank during the third quarter worth approximately $32,000. Elyxium Wealth LLC purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $33,000. Ameriflex Group Inc. increased its holdings in shares of M&T Bank by 82.4% in the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 84 shares during the period. Finally, Bank of Jackson Hole Trust raised its position in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 60 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The stock has a market cap of $35.02 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.17 and a beta of 0.57. The stock’s 50 day moving average is $220.63 and its two-hundred day moving average is $216.43.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business posted $3.32 earnings per share. Analysts anticipate that M&T Bank Corporation will post 18.8 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank’s dividend payout ratio is currently 33.59%.

M&T Bank announced that its board has authorized a share repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

M&T Bank Company Profile

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.