M&T Bank (NYSE:MTB) Posts Quarterly Earnings Results, Beats Estimates By $0.24 EPS

M&T Bank (NYSE:MTB - Get Free Report) issued its quarterly earnings results on Wednesday. The financial services provider reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.04 by $0.24, Zacks reports. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same period in the previous year, the firm posted $3.73 earnings per share.

M&T Bank Stock Up 1.6%

Shares of NYSE MTB traded up $3.18 during mid-day trading on Thursday, reaching $195.70. The company had a trading volume of 1,742,670 shares, compared to its average volume of 1,205,499. The stock has a fifty day moving average of $187.89 and a two-hundred day moving average of $184.26. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $31.41 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 1.40 and a beta of 0.63. M&T Bank has a 12-month low of $150.75 and a 12-month high of $225.70.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio (DPR) is 36.17%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MTB. Cowen began coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Citigroup boosted their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. decreased their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Morgan Stanley boosted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Finally, Wells Fargo & Company boosted their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

An institutional investor recently raised its position in M&T Bank stock. Woodline Partners LP raised its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,018 shares of the financial services provider's stock after purchasing an additional 4,054 shares during the period. Woodline Partners LP's holdings in M&T Bank were worth $2,506,000 as of its most recent SEC filing. 84.68% of the stock is owned by institutional investors and hedge funds.

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.