M&T Bank (NYSE:MTB) Reaches New 12-Month High – Still a Buy?

Shares of M&T Bank Co. (NYSE:MTB) reached a new 52-week high during trading on Thursday . The stock traded as high as $193.60 and last traded at $193.60, with a volume of 1112 shares changing hands. The stock had previously closed at $189.35.

Wall Street Analyst Weigh In

Several analysts recently commented on MTB shares. Royal Bank of Canada raised their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a report on Friday. Wedbush increased their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. DA Davidson increased their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Finally, Bank of America increased their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $196.18.

M&T Bank Stock Down 0.7 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The business’s 50 day simple moving average is $172.93 and its 200 day simple moving average is $158.65. The company has a market capitalization of $32.96 billion, a PE ratio of 13.36, a P/E/G ratio of 3.27 and a beta of 0.75.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the previous year, the firm earned $5.12 earnings per share. As a group, analysts anticipate that M&T Bank Co. will post 14.16 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Insiders Place Their Bets

In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares in the company, valued at $502,184.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares in the company, valued at $502,184.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the sale, the director now owns 15,045 shares of the company’s stock, valued at approximately $2,617,378.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,699 shares of company stock valued at $5,115,349 over the last ninety days. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently made changes to their positions in MTB. Hexagon Capital Partners LLC grew its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of M&T Bank in the first quarter valued at approximately $30,000. Oakworth Capital Inc. acquired a new position in shares of M&T Bank in the second quarter valued at approximately $35,000. nVerses Capital LLC acquired a new position in shares of M&T Bank in the third quarter valued at approximately $53,000. Finally, Annapolis Financial Services LLC grew its holdings in shares of M&T Bank by 150.7% in the third quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 226 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.