M&T Bank (NYSE:MTB) Reaches New 12-Month High on Analyst Upgrade

Shares of M&T Bank Corporation (NYSE:MTB) reached a new 52-week high during mid-day 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. The stock had previously closed at $238.88.

Several other research firms also recently commented on MTB. UBS Group set a $235.00 price objective on M&T Bank in a research note on Thursday, April 16th. Argus increased their target price on shares of M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Royal Bank Of Canada boosted their price target on shares of M&T Bank from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Morgan Stanley increased their price objective on shares of M&T Bank from $245.00 to $253.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Seven 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’s stock. Based on data from MarketBeat.com, M&T Bank has a consensus 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 stock in a transaction that occurred 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 sale, the executive vice president owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.44% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently modified their holdings of the business. Bogart Wealth LLC raised its holdings in 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 buying an additional 84 shares during the period. Triumph Capital Management acquired a new stake in shares of M&T Bank during the third quarter valued at about $32,000. Elyxium Wealth LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at approximately $33,000. Ameriflex Group Inc. lifted 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 worth $37,000 after acquiring an additional 84 shares during the last quarter. Finally, Bank of Jackson Hole Trust boosted its position in shares of M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

The stock has a market cap of $35.02 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 1.17 and a beta of 0.57. 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 company’s fifty day moving average is $220.63 and its two-hundred day moving average is $216.43.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period last year, the business posted $3.32 earnings per share. As a group, research analysts predict that M&T Bank Corporation will post 18.8 earnings per share for the current year.

M&T Bank Announces Dividend

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

M&T Bank declared that its board has approved a stock buyback plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.