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

M&T Bank Co. (NYSE:MTB) declared a quarterly dividend on Tuesday, May 20th, RTT News reports. Investors of record on Monday, June 2nd will be given a dividend of 1.35 per share by the financial services provider on Monday, June 30th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%.

M&T Bank has a dividend payout ratio of 33.5% meaning 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 Stock Performance

Shares of NYSE MTB traded down $1.61 during trading on Tuesday, hitting $185.73. The company had a trading volume of 710,616 shares, compared to its average volume of 1,134,420. M&T Bank has a 12 month low of $139.78 and a 12 month high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The firm has a market capitalization of $29.81 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The stock has a 50 day simple moving average of $171.53 and a 200 day simple moving average of $189.20.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business posted $3.09 EPS. As a group, analysts anticipate that M&T Bank will post 16.57 earnings per share for the current year.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

An institutional investor recently raised its position in M&T Bank stock. Woodline Partners LP raised its position in M&T Bank Co. (NYSE:MTB) by 40.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,018 shares of the financial services provider’s stock after purchasing an additional 4,054 shares during the quarter. Woodline Partners LP’s holdings in M&T Bank were worth $2,506,000 as of its most recent SEC filing. Institutional investors own 84.68% of the company’s stock.

M&T Bank announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

MTB has been the subject of several recent analyst reports. Piper Sandler dropped their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday. Wells Fargo & Company cut their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research report on Tuesday, April 15th. Truist Financial lowered their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Moderate Buy” and an average target price of $209.33.

M&T Bank Company Profile

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.