M&T Bank (NYSE:MTB) Issues Quarterly Earnings Results

M&T Bank (NYSE:MTB) announced its quarterly earnings results on Thursday. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23, RTT News reports. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the firm earned $5.12 EPS.

M&T Bank Price Performance

NYSE:MTB opened at $165.25 on Friday. The stock’s fifty day moving average is $150.48 and its two-hundred day moving average is $143.76. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $27.57 billion, a P/E ratio of 11.17, a P/E/G ratio of 3.86 and a beta of 0.77. M&T Bank has a 52 week low of $108.53 and a 52 week high of $175.00.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.27%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the transaction, the executive vice president now directly owns 8,579 shares in the company, valued at $1,319,278.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the completion of the transaction, the director now owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,915 shares of company stock worth $14,497,759. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on MTB shares. Piper Sandler reiterated an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a research report on Friday, June 21st. Bank of America boosted their target price on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Evercore ISI lifted their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. Wells Fargo & Company raised their target price on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Finally, Wedbush reissued an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $166.79.

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.