M&T Bank (NYSE:MTB) Hits New 1-Year High - Here's Why

Key Points

• M&T Bank shares reached a new 52-week high of $258.42, up from the prior close of $249.60, while trading above both its 50-day and 200-day moving averages.
• The bank exceeded quarterly expectations, reporting $5.35 in earnings per share versus the $4.66 consensus estimate and revenue of $2.53 billion, ahead of forecasts.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a $251.43 price target, while M&T’s board has authorized a $5 billion share-repurchase plan covering up to 16.7% of outstanding shares.

M&T Bank Corporation (NYSE:MTB - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $258.42 and last traded at $258.42, with a volume of 132 shares changing hands. The stock had previously closed at $249.60.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MTB. Robert W. Baird boosted their target price on M&T Bank from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. UBS Group boosted their price target on shares of M&T Bank from $225.00 to $252.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of M&T Bank in a research note on Thursday, June 4th. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a report on Thursday, July 16th. Finally, Barclays lifted their target price on shares of M&T Bank from $236.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $251.43.

M&T Bank Stock Up 3.5%

The company's fifty day simple moving average is $230.22 and its 200 day simple moving average is $220.64. The company has a quick ratio of 0.94, a current ratio of 0.89 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $37.85 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same quarter in the prior year, the business posted $4.28 EPS. Analysts anticipate that M&T Bank Corporation will post 19.42 earnings per share for the current fiscal year.

M&T Bank declared that its board has approved a stock repurchase plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 6,753 shares of the company's stock, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.44% of the stock is owned by insiders.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Canoe Financial LP grew its holdings in shares of M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock worth $131,515,000 after buying an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY acquired a new stake in M&T Bank in the fourth quarter valued at approximately $42,817,000. Danske Bank A S acquired a new stake in M&T Bank during the third quarter worth approximately $29,612,000. Russell Investments Group Ltd. lifted its holdings in shares of M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider's stock valued at $79,954,000 after purchasing an additional 103,692 shares during the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its stake in M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider's stock valued at $71,462,000 after buying an additional 95,025 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

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.

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