Stock Repurchase Plan Authorized by M&T Bank (NYSE:MTB) Board

M&T Bank (NYSE:MTB) announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 22nd, RTT News reports. The company plans to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on MTB. Wells Fargo & Company boosted their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Royal Bank of Canada boosted their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. DA Davidson raised their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Evercore ISI boosted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank Price Performance

Shares of MTB opened at $198.81 on Friday. 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 firm has a market cap of $32.99 billion, a PE ratio of 13.59, a PEG ratio of 1.37 and a beta of 0.79. The firm’s 50 day moving average price is $201.10 and its 200 day moving average price is $184.81. M&T Bank has a twelve month low of $128.31 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the firm posted $2.74 earnings per share. As a group, research analysts expect that M&T Bank will post 16.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

Insider Activity

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. This represents a 13.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 64,994 shares of company stock valued at $13,331,878. Insiders own 0.82% of the company’s stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.