M&T Bank Corporation (NYSE:MTB) Given Average Rating of "Hold" by Brokerages

Key Points

• M&T Bank has an average analyst rating of “Hold” from 21 research firms, with 8 buy ratings, 12 hold ratings, and 1 sell rating. The average 1-year price target is about $235.32.
• The company reported strong quarterly earnings, posting EPS of $4.18 versus estimates of $4.02 and revenue of $2.44 billion, slightly above expectations. Analysts expect M&T Bank to earn $18.69 EPS for the full year.
• M&T Bank authorized a $5 billion share buyback and declared a quarterly dividend of $1.50 per share, equal to a 2.8% yield annualized. The stock was trading at $212.22, below its 52-week high of $239.00.

M&T Bank Corporation (NYSE:MTB - Get Free Report) has received an average recommendation of "Hold" from the twenty-one research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $235.3158.

A number of equities research analysts have weighed in on MTB shares. Argus lifted their price objective on M&T Bank from $230.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 17th. DA Davidson lifted their price objective on M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Piper Sandler lifted their price objective on M&T Bank from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Jefferies Financial Group lifted their price objective on M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Wall Street Zen lowered M&T Bank from a "hold" rating to a "sell" rating in a report on Saturday, March 21st.

M&T Bank Stock Performance

Shares of MTB stock opened at $212.22 on Friday. M&T Bank has a 52-week low of $174.76 and a 52-week high of $239.00. The stock's 50-day moving average price is $211.82 and its 200 day moving average price is $206.88. The stock has a market capitalization of $31.08 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.08 and a beta of 0.59. The company has a quick ratio of 0.96, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the company earned $3.32 EPS. As a group, equities research analysts forecast that M&T Bank will post 18.69 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a share buyback plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank's payout ratio is currently 33.59%.

Insider Buying and Selling

In other news, Director John P. Barnes sold 21,193 shares of the business's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the sale, the director owned 15,142 shares of the company's stock, valued at $3,571,240.70. The trade was a 58.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael A. Wisler sold 8,237 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $223.48, for a total value of $1,840,804.76. Following the sale, the executive vice president directly owned 4,643 shares in the company, valued at $1,037,617.64. This trade represents a 63.95% decrease in their position. The SEC filing for this sale provides additional information. 0.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On M&T Bank

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of M&T Bank by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider's stock worth $285,341,000 after acquiring an additional 49,336 shares in the last quarter. Canoe Financial LP boosted its stake in shares of M&T Bank by 50.5% during the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock worth $131,515,000 after acquiring an additional 219,065 shares in the last quarter. Barclays PLC boosted its stake in shares of M&T Bank by 3.9% during the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider's stock worth $106,846,000 after acquiring an additional 20,120 shares in the last quarter. Davis Asset Management L.P. boosted its stake in shares of M&T Bank by 23.1% during the 4th quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider's stock worth $80,592,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of M&T Bank by 35.4% during the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider's stock worth $79,954,000 after acquiring an additional 103,692 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Company Profile

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.

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