DA Davidson Reaffirms “Neutral” Rating for M&T Bank (NYSE:MTB)

DA Davidson restated their neutral rating on shares of M&T Bank (NYSE:MTB) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $159.00 target price on the financial services provider’s stock. DA Davidson also issued estimates for M&T Bank’s FY2024 earnings at $13.92 EPS and FY2025 earnings at $15.93 EPS.

Other equities analysts also recently issued reports about the stock. Wedbush reaffirmed an outperform rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Barclays raised their price target on shares of M&T Bank from $150.00 to $170.00 and gave the stock an equal weight rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reissued an outperform rating and issued a $160.00 price target on shares of M&T Bank in a research note on Tuesday. Bank of America raised their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a buy rating in a research note on Tuesday. Finally, Jefferies Financial Group decreased their price target on shares of M&T Bank from $154.00 to $151.00 and set a hold rating on the stock in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $158.48.

M&T Bank Stock Performance

MTB opened at $143.38 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The company has a market cap of $23.89 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 1.16 and a beta of 0.80. M&T Bank has a 52-week low of $108.53 and a 52-week high of $148.23. The firm’s fifty day simple moving average is $139.96 and its two-hundred day simple moving average is $132.96.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period in the previous year, the business earned $4.09 earnings per share. Equities analysts anticipate that M&T Bank will post 13.95 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s dividend payout ratio is presently 35.16%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,675 shares of M&T Bank stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the sale, the executive vice president now directly owns 8,961 shares in the company, valued at $1,235,811.51. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares in the company, valued at $923,215. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of M&T Bank stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the transaction, the executive vice president now owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. Insiders sold a total of 37,119 shares of company stock worth $5,341,012 over the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. First Trust Direct Indexing L.P. lifted its position in shares of M&T Bank by 16.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,347 shares of the financial services provider’s stock worth $487,000 after buying an additional 470 shares during the last quarter. Norden Group LLC purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $784,000. State of Alaska Department of Revenue lifted its position in shares of M&T Bank by 0.6% during the 1st quarter. State of Alaska Department of Revenue now owns 18,024 shares of the financial services provider’s stock worth $2,621,000 after buying an additional 100 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares during the last quarter. Finally, Applied Capital LLC FL purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $4,069,000. Institutional investors and hedge funds 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.