M&T Bank (NYSE:MTB) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

M&T Bank (NYSE:MTB) issued its earnings results on Friday. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15, FiscalAI reports. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%.

M&T Bank Price Performance

Shares of NYSE MTB opened at $218.87 on Friday. M&T Bank has a 1-year low of $174.76 and a 1-year high of $255.95. The company has a market cap of $31.61 billion, a PE ratio of 11.56, a P/E/G ratio of 1.22 and a beta of 0.61. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a fifty day moving average price of $232.67 and a 200 day moving average price of $228.62.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio (DPR) is currently 31.68%.

Insider Buying and Selling

In other news, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,028 shares of company stock worth $4,794,884 in the last ninety days. 0.44% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MTB has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price target for the company. in a research report on Thursday, July 23rd. Evercore set a $230.00 target price on M&T Bank in a research report on Thursday, October 1st. Truist Financial reduced their target price on M&T Bank from $268.00 to $250.00 and set a “hold” rating for the company in a report on Wednesday, September 23rd. Raymond James Financial started coverage on M&T Bank in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $250.00 target price for the company. Finally, Morgan Stanley decreased their target price on M&T Bank from $304.00 to $301.00 and set an “overweight” rating for the company in a research report on Monday, September 28th. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $248.79.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.