M&T Bank (NYSE:MTB) Hits New 12-Month High – Should You Buy?

M&T Bank Co. (NYSE:MTB) shares reached a new 52-week high on Thursday . The stock traded as high as $218.21 and last traded at $218.05, with a volume of 207943 shares trading hands. The stock had previously closed at $213.52.

Analyst Ratings Changes

A number of brokerages recently issued reports on MTB. Royal Bank of Canada increased their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. The Goldman Sachs Group increased their price target on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Evercore ISI lifted their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Barclays increased their target price on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, DA Davidson upped their price target on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $199.65.

M&T Bank Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $35.94 billion, a PE ratio of 15.80, a PEG ratio of 3.01 and a beta of 0.74. The firm’s fifty day moving average is $189.91 and its two-hundred day moving average is $168.63.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. On average, equities analysts predict that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.49%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Insider Activity at M&T Bank

In related news, EVP Michael J. Todaro sold 4,786 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the sale, the executive vice president now owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. This represents a 63.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,383 shares of company stock worth $13,576,801. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On M&T Bank

A number of large investors have recently added to or reduced their stakes in MTB. Capital Performance Advisors LLP purchased a new stake in shares of M&T Bank in the 3rd quarter worth about $44,000. Principal Financial Group Inc. increased its position in M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after acquiring an additional 18,566 shares in the last quarter. Gateway Investment Advisers LLC grew its stake in shares of M&T Bank by 60.0% in the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after acquiring an additional 12,304 shares during the last quarter. Finally, Smead Capital Management Inc. increased its holdings in shares of M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after acquiring an additional 16,657 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

About M&T Bank

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.