M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers. The company's Commercial Real Estate segment originates, sells, and services commercial real estate loans; and offers deposit services. Its Discretionary Portfolio segment provides deposits; securities, residential real estate loans, and other assets; and short and long term borrowed funds, as well as foreign exchange services. The company's Residential Mortgage Banking segment offers residential real estate loans for consumers and sells those loans in the secondary market; and purchases servicing rights to loans originated by other entities. Its Retail Banking segment offers demand, savings, and time accounts; consumer installment loans, automobile and recreational finance loans, home equity loans and lines of credit, and credit cards; mutual funds and annuities; and other services. The company also provides trust and wealth management; fiduciary and custodial; insurance agency; institutional brokerage and securities; and investment management services. It offers its services through banking offices, business banking centers, telephone and internet banking, and automated teller machines. As of December 31, 2021, the company operates 688 domestic banking offices in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia; and a full-service commercial banking office in Ontario, Canada. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.
Analysts Set New Price Targets
Several brokerages have recently commented on MTB. Wells Fargo & Company dropped their target price on shares of M&T Bank from $195.00 to $175.00 and set an "equal weight" rating for the company in a research report on Friday, July 1st. Robert W. Baird upgraded shares of M&T Bank from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $175.00 to $200.00 in a research report on Friday, June 17th. Citigroup lifted their price target on shares of M&T Bank to $200.00 in a report on Friday, July 22nd. StockNews.com lowered shares of M&T Bank from a "hold" rating to a "sell" rating in a report on Wednesday, August 3rd. Finally, Barclays decreased their price target on shares of M&T Bank from $280.00 to $238.00 and set an "overweight" rating on the stock in a report on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $198.71.
M&T Bank Trading Up 0.4 %
Shares of NYSE:MTB traded up $0.66 during trading on Wednesday, reaching $179.92. The stock had a trading volume of 654,213 shares, compared to its average volume of 1,434,199. The firm's fifty day moving average is $167.13 and its 200 day moving average is $171.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 0.93. M&T Bank has a 52 week low of $131.42 and a 52 week high of $186.95. The stock has a market cap of $32.28 billion, a price-to-earnings ratio of 16.72, a P/E/G ratio of 0.79 and a beta of 0.91.
M&T Bank (NYSE:MTB - Get Rating) last posted its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $1.08 EPS for the quarter, missing analysts' consensus estimates of $2.75 by ($1.67). M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same quarter in the prior year, the business earned $3.45 earnings per share. As a group, equities analysts forecast that M&T Bank will post 15.21 EPS for the current fiscal year.
M&T Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 1st were issued a dividend of $1.20 per share. The ex-dividend date was Tuesday, May 31st. This represents a $4.80 annualized dividend and a yield of 2.67%. M&T Bank's payout ratio is 44.61%.
Insiders Place Their Bets
In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company's stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the transaction, the insider now owns 39,008 shares in the company, valued at $6,620,047.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company's stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the transaction, the insider now owns 39,008 shares in the company, valued at $6,620,047.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Robert J. Bojdak sold 525 shares of the company's stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $177.82, for a total transaction of $93,355.50. Following the completion of the sale, the executive vice president now owns 19,075 shares of the company's stock, valued at approximately $3,391,916.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,725 shares of company stock worth $1,335,332. Insiders own 0.73% of the company's stock.
