M&T Bank (NYSE:MTB) Sets New 1-Year High – What’s Next?

M&T Bank Co. (NYSE:MTB) shares hit a new 52-week high on Thursday . The company traded as high as $218.21 and last traded at $218.05, with a volume of 207943 shares. The stock had previously closed at $213.52.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MTB. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Royal Bank of Canada upped their price target on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Evercore ISI boosted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Finally, Barclays boosted their price objective on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $199.65.

M&T Bank Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $35.94 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 3.01 and a beta of 0.74. The company’s 50 day moving average price is $189.91 and its 200 day moving average price is $168.63.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, analysts forecast that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the transaction, the director now directly owns 29,796 shares in the company, valued at approximately $5,899,608. This trade represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 70,383 shares of company stock valued at $13,576,801. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently modified their holdings of MTB. O Shaughnessy Asset Management LLC lifted its position in M&T Bank by 72.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 19,139 shares of the financial services provider’s stock valued at $2,784,000 after purchasing an additional 8,072 shares during the last quarter. Seven Eight Capital LP bought a new position in M&T Bank in the 1st quarter valued at about $598,000. UniSuper Management Pty Ltd increased its stake in M&T Bank by 1,132.9% during the 1st quarter. UniSuper Management Pty Ltd now owns 6,177 shares of the financial services provider’s stock valued at $898,000 after buying an additional 5,676 shares during the period. Bessemer Group Inc. lifted its stake in shares of M&T Bank by 9.4% in the 1st quarter. Bessemer Group Inc. now owns 27,014 shares of the financial services provider’s stock worth $3,930,000 after acquiring an additional 2,330 shares during the period. Finally, Lake Street Advisors Group LLC boosted its holdings in shares of M&T Bank by 7.1% in the first quarter. Lake Street Advisors Group LLC now owns 2,938 shares of the financial services provider’s stock valued at $427,000 after acquiring an additional 196 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.