M&T Bank (NYSE:MTB) Sets New 1-Year High – Here’s What Happened

M&T Bank Co. (NYSE:MTB)’s share price reached a new 52-week high on Thursday . The stock traded as high as $218.21 and last traded at $218.05, with a volume of 207943 shares. The stock had previously closed at $213.52.

Analysts Set New Price Targets

MTB has been the subject of several recent analyst reports. Barclays raised their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. DA Davidson raised their target price on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group upped their price target on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $199.65.

M&T Bank Stock Performance

The stock has a 50 day moving average of $191.98 and a 200 day moving average of $169.46. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market cap of $36.69 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 3.05 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, analysts anticipate that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.44%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insiders Place Their Bets

In other news, EVP Michael J. Todaro sold 4,786 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the transaction, the executive vice president now directly owns 2,787 shares in the company, valued at approximately $596,696.70. This represents a 63.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. This trade represents a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock worth $13,576,801 over the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd increased its position in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of M&T Bank in the third quarter worth $32,000. Hexagon Capital Partners LLC increased its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Finally, Oakworth Capital Inc. acquired a new position in M&T Bank during the 2nd quarter worth about $35,000. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.