M&T Bank’s (MTB) “Market Perform” Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of M&T Bank (NYSE:MTB) in a research report report published on Thursday, Benzinga reports. Keefe, Bruyette & Woods currently has a $170.00 price target on the financial services provider’s stock.

MTB has been the subject of several other reports. DA Davidson restated a neutral rating and issued a $159.00 price target on shares of M&T Bank in a research note on Tuesday, April 16th. Jefferies Financial Group lifted their price target on shares of M&T Bank from $151.00 to $160.00 and gave the company a hold rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. increased their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Bank of America lifted their target price on M&T Bank from $157.00 to $160.00 and gave the stock a buy rating in a report on Tuesday, April 16th. Finally, StockNews.com lowered M&T Bank from a hold rating to a sell rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $161.51.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $147.67 on Thursday. The stock has a market cap of $24.64 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 2.90 and a beta of 0.78. M&T Bank has a 1 year low of $108.53 and a 1 year high of $156.65. The firm has a fifty day moving average price of $148.00 and a 200-day moving average price of $141.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the previous year, the company posted $4.09 EPS. Equities analysts anticipate that M&T Bank will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares in the company, valued at $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John P. Barnes sold 13,360 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $147.00, for a total value of $1,963,920.00. Following the transaction, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,215,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,553 shares of company stock worth $14,724,147. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently modified their holdings of the stock. Cary Street Partners Investment Advisory LLC raised its position in M&T Bank by 50.3% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 849 shares of the financial services provider’s stock valued at $107,000 after purchasing an additional 284 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in M&T Bank by 26.1% in the third quarter. O Shaughnessy Asset Management LLC now owns 8,964 shares of the financial services provider’s stock worth $1,133,000 after acquiring an additional 1,853 shares during the period. Vinva Investment Management Ltd bought a new position in M&T Bank during the 3rd quarter worth about $474,000. Bank of Nova Scotia increased its position in M&T Bank by 13.1% during the 3rd quarter. Bank of Nova Scotia now owns 16,354 shares of the financial services provider’s stock valued at $2,068,000 after purchasing an additional 1,900 shares during the period. Finally, Rehmann Capital Advisory Group lifted its position in shares of M&T Bank by 12.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,287 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 249 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.