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.
M&T Bank Stock Performance
Shares of NYSE:MTB traded up $3.33 during midday trading on Friday, reaching $178.77. 736,921 shares of the company traded hands, compared to its average volume of 1,070,816. The company has a market cap of $32.07 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 0.79 and a beta of 0.91. M&T Bank has a 52 week low of $131.42 and a 52 week high of $186.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 1.05. The stock has a 50-day moving average price of $167.16 and a 200 day moving average price of $170.81.
M&T Bank (NYSE:MTB - Get Rating) last released its quarterly earnings results 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 posted $3.45 earnings per share. Sell-side analysts anticipate that M&T Bank will post 15.21 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 1st were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Tuesday, May 31st. M&T Bank's dividend payout ratio (DPR) is currently 44.61%.
Wall Street Analyst Weigh In
Several brokerages recently commented on MTB. Barclays cut 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 research note on Thursday, July 21st. Citigroup increased their price objective on shares of M&T Bank to $200.00 in a research note on Friday, July 22nd. Piper Sandler upped their price objective on M&T Bank from $200.00 to $210.00 in a report on Wednesday, April 20th. Wells Fargo & Company cut their price target on M&T Bank from $195.00 to $175.00 and set an "equal weight" rating for the company in a research note on Friday, July 1st. Finally, JPMorgan Chase & Co. dropped their target price on M&T Bank from $200.00 to $195.00 and set a "neutral" rating for the company in a report on Friday, July 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $198.71.
Insiders Place Their Bets
In related news, EVP Robert J. Bojdak sold 525 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 19,075 shares of the company's stock, valued at $3,391,916.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the business'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 sale, the insider now owns 39,008 shares of the company's stock, valued at approximately $6,620,047.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert J. Bojdak sold 525 shares of the stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the completion of the transaction, the executive vice president now directly owns 19,075 shares in the company, valued at approximately $3,391,916.50. The disclosure for this sale can be found here. Insiders sold a total of 7,725 shares of company stock valued at $1,335,332 in the last quarter. 0.73% of the stock is currently owned by insiders.
