M&T Bank Co. (NYSE:MTB) Plans Quarterly Dividend of $1.35

M&T Bank Co. (NYSE:MTB) declared a quarterly dividend on Wednesday, February 19th, RTT News reports. Stockholders of record on Monday, March 3rd will be paid a dividend of 1.35 per share by the financial services provider on Monday, March 31st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Monday, March 3rd.

M&T Bank has a dividend payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect M&T Bank to earn $18.68 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 28.9%.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $191.68 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank has a twelve month low of $133.03 and a twelve month high of $225.70. The stock’s 50 day moving average is $195.03 and its 200-day moving average is $190.91. The firm has a market capitalization of $31.50 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 1.38 and a beta of 0.79.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the business earned $2.74 EPS. Sell-side analysts forecast that M&T Bank will post 16.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on MTB. Piper Sandler increased their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Truist Financial reissued a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. The Goldman Sachs Group increased their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Finally, DA Davidson upped their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $221.68.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is owned by corporate insiders.

M&T Bank announced that its board has approved a share repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

About M&T Bank

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.