M&T Bank (NYSE:MTB) Reaches New 1-Year High – Still a Buy?

M&T Bank Corporation (NYSE:MTB)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $207.01 and last traded at $206.13, with a volume of 76026 shares traded. The stock had previously closed at $204.60.

Wall Street Analysts Forecast Growth

MTB has been the subject of several analyst reports. Cantor Fitzgerald began coverage on M&T Bank in a report on Wednesday, September 10th. They issued an “overweight” rating and a $228.00 target price for the company. Evercore ISI boosted their price target on shares of M&T Bank from $222.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Truist Financial cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $217.00 price objective for the company. in a research report on Friday. UBS Group lifted their target price on shares of M&T Bank from $207.00 to $208.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. Finally, Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $213.66.

M&T Bank Stock Down 1.0%

The business has a 50 day simple moving average of $187.38 and a 200 day simple moving average of $191.18. The company has a market capitalization of $31.31 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. The firm had revenue of $1.54 billion for the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%. As a group, equities analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, December 1st. M&T Bank’s dividend payout ratio (DPR) is currently 36.95%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 5,250 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the sale, the executive vice president directly owned 5,501 shares in the company, valued at approximately $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of M&T Bank stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total value of $1,140,360.00. Following the completion of the transaction, the director owned 17,070 shares of the company’s stock, valued at approximately $3,244,324.20. This trade represents a 26.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Large investors have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI grew its holdings in shares of M&T Bank by 27.3% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 8,111 shares of the financial services provider’s stock worth $1,574,000 after buying an additional 1,741 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of M&T Bank by 1.8% during the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider’s stock worth $21,088,000 after purchasing an additional 2,111 shares during the period. Ethic Inc. increased its stake in M&T Bank by 20.8% in the 2nd quarter. Ethic Inc. now owns 25,741 shares of the financial services provider’s stock valued at $4,988,000 after buying an additional 4,432 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in M&T Bank by 3.1% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 463,669 shares of the financial services provider’s stock worth $89,947,000 after buying an additional 13,749 shares during the last quarter. Finally, Applied Finance Capital Management LLC acquired a new stake in shares of M&T Bank in the 2nd quarter worth $798,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.