M&T Bank Co. (NYSE:MTB) Receives Average Rating of “Hold” from Brokerages

Shares of M&T Bank Co. (NYSE:MTB) have received a consensus recommendation of “Hold” from the seventeen brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $221.68.

MTB has been the topic of several research reports. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. The Goldman Sachs Group upped their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Piper Sandler upped their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th.

M&T Bank Stock Up 0.9 %

M&T Bank stock opened at $178.62 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank has a 12-month low of $133.03 and a 12-month high of $225.70. The firm’s fifty day moving average is $194.07 and its 200 day moving average is $191.97. The company has a market capitalization of $29.34 billion, a PE ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the firm posted $2.74 EPS. As a group, sell-side analysts predict that M&T Bank will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.02%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has authorized a stock buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. State Street Corp lifted its holdings in M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC lifted its holdings in M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock valued at $819,768,000 after purchasing an additional 40,948 shares during the last quarter. Finally, Norges Bank purchased a new stake in M&T Bank during the fourth quarter valued at about $317,690,000. Institutional investors own 84.68% of the company’s stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.