Key Points
- M&T Bank EVP Christopher Kay sold 3,105 shares on May 7 at an average price of $216.50, totaling about $672,233. After the sale, he still held 6,753 shares, reducing his stake by 31.5%.
- The company beat quarterly earnings expectations, reporting $4.18 EPS versus the $4.02 consensus, with revenue of $2.44 billion slightly above estimates. Analysts currently expect full-year EPS of 18.69.
- M&T Bank continues to reward shareholders with a quarterly dividend of $1.50 per share and a new $5 billion share repurchase authorization, while Wall Street maintains a consensus “Hold” rating with a target price of $235.32.
M&T Bank Corporation (NYSE:MTB - Get Free Report) EVP Christopher Kay sold 3,105 shares of the firm's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the transaction, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
M&T Bank Trading Down 2.0%
MTB stock opened at $207.97 on Tuesday. The company has a market capitalization of $30.46 billion, a PE ratio of 11.64, a P/E/G ratio of 1.08 and a beta of 0.59. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $239.00. The firm's 50-day moving average is $211.26 and its 200 day moving average is $207.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94.
M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same quarter last year, the firm posted $3.32 EPS. On average, research analysts anticipate that M&T Bank Corporation will post 18.69 EPS for the current year.
M&T Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is 33.59%.
M&T Bank declared that its board has approved a share repurchase plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.
Institutional Trading of M&T Bank
A number of institutional investors have recently modified their holdings of the company. Oslo Pensjonsforsikring AS bought a new stake in shares of M&T Bank in the 1st quarter valued at about $158,000. Parallel Advisors LLC boosted its holdings in shares of M&T Bank by 9.9% in the 1st quarter. Parallel Advisors LLC now owns 3,846 shares of the financial services provider's stock valued at $795,000 after buying an additional 345 shares in the last quarter. Bessemer Group Inc. boosted its holdings in shares of M&T Bank by 19.5% in the 1st quarter. Bessemer Group Inc. now owns 27,500 shares of the financial services provider's stock valued at $5,685,000 after buying an additional 4,493 shares in the last quarter. Ibex Wealth Advisors bought a new stake in shares of M&T Bank in the 1st quarter valued at about $593,000. Finally, Bogart Wealth LLC boosted its holdings in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock valued at $25,000 after buying an additional 84 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have commented on MTB shares. Morgan Stanley cut their target price on shares of M&T Bank from $271.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. DA Davidson raised their target price on shares of M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Truist Financial set a $230.00 target price on shares of M&T Bank in a research report on Tuesday, January 20th. UBS Group set a $235.00 target price on shares of M&T Bank in a research report on Thursday, April 16th. Finally, Cantor Fitzgerald cut their target price on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of "Hold" and a consensus target price of $235.32.
Read Our Latest Stock Report on MTB
M&T Bank Company Profile
(
Get Free Report)
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.
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