M&T Bank (NYSE:MTB) Reaches New 12-Month High – What’s Next?

M&T Bank Corporation (NYSE:MTB)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $255.68 and last traded at $254.9880, with a volume of 42561 shares. The stock had previously closed at $253.55.

Analyst Ratings Changes

A number of equities analysts recently commented on MTB shares. Argus boosted their price target on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Cantor Fitzgerald lifted their price objective on shares of M&T Bank from $253.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their target price on M&T Bank from $251.50 to $265.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. UBS Group upped their price target on shares of M&T Bank from $252.00 to $255.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Finally, Morgan Stanley upped their price objective on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $252.28.

M&T Bank Stock Up 0.4%

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The stock’s 50-day simple moving average is $241.26 and its 200 day simple moving average is $224.60. The firm has a market cap of $36.71 billion, a P/E ratio of 13.42, a PEG ratio of 1.17 and a beta of 0.57.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the previous year, the business posted $4.28 EPS. As a group, research analysts forecast that M&T Bank Corporation will post 19.42 EPS for the current fiscal year.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently bought and sold shares of the stock. Empowered Funds LLC boosted its stake in shares of M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after buying an additional 362 shares during the last quarter. Woodline Partners LP grew its holdings in shares of M&T Bank by 40.7% in the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock valued at $2,506,000 after acquiring an additional 4,054 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of M&T Bank by 24.6% during the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $562,000 after acquiring an additional 572 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of M&T Bank during the second quarter valued at approximately $92,000. Finally, Geneos Wealth Management Inc. increased its position in shares of M&T Bank by 4.3% during the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 71 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.