M&T Bank Co. (NYSE:MTB) Short Interest Update

M&T Bank Co. (NYSE:MTB - Get Free Report) was the target of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 2,590,000 shares, a decrease of 17.8% from the March 31st total of 3,150,000 shares. Currently, 1.6% of the company's stock are sold short. Based on an average trading volume of 1,410,000 shares, the days-to-cover ratio is currently 1.8 days.

M&T Bank Price Performance

Shares of NYSE MTB traded down $2.65 during trading on Tuesday, hitting $172.78. 1,100,959 shares of the company were exchanged, compared to its average volume of 1,124,658. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank has a 1 year low of $139.78 and a 1 year high of $225.70. The firm's fifty day moving average price is $171.16 and its 200 day moving average price is $190.08. The company has a market cap of $28.39 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The firm had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the prior year, the business earned $3.09 EPS. On average, sell-side analysts expect that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is currently 36.17%.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.53% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at $29,000. Banque Transatlantique SA purchased a new position in M&T Bank in the 4th quarter valued at about $38,000. Y.D. More Investments Ltd boosted its stake in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after purchasing an additional 114 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the fourth quarter worth about $44,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MTB shares. Piper Sandler decreased their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company reduced their price objective on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Royal Bank of Canada dropped their target price on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Barclays reduced their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 15th. Finally, Morgan Stanley dropped their price objective on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $208.24.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.