M&T Bank (NYSE:MTB) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

M&T Bank (NYSE:MTB) issued its quarterly earnings results on Thursday. The financial services provider reported $3.73 EPS for the quarter, topping the consensus estimate of $3.50 by $0.23, RTT News reports. The firm had revenue of $3.37 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the business earned $5.12 earnings per share.

M&T Bank Price Performance

MTB stock opened at $165.25 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The firm 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. The business’s 50-day moving average is $150.48 and its two-hundred day moving average is $143.76. M&T Bank has a 1 year low of $108.53 and a 1 year high of $175.00.

M&T Bank Increases Dividend

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

Wall Street Analysts Forecast Growth

MTB has been the subject of several analyst reports. DA Davidson upped their target price on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI upped their price target on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday. Citigroup increased their target price on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Jefferies Financial Group increased their target price on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average price target of $166.79.

Insider Buying and Selling at M&T Bank

In other news, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $148.01, for a total value of $2,394,653.79. Following the transaction, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director John P. Barnes sold 43,426 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the completion of the transaction, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The disclosure for this sale can be found here. Insiders have sold 95,915 shares of company stock valued at $14,497,759 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

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.