M&T Bank (NYSE:MTB) Hits New 1-Year High – Still a Buy?

M&T Bank Corporation (NYSE:MTB) reached a new 52-week high on Monday . The stock traded as high as $244.23 and last traded at $243.3040, with a volume of 42159 shares trading hands. The stock had previously closed at $242.34.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MTB shares. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Jefferies Financial Group increased their price objective on shares of M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. DA Davidson lifted their price objective on M&T Bank from $233.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their price target on M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, JPMorgan Chase & Co. increased their target price on M&T Bank from $227.00 to $251.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $240.55.

M&T Bank Stock Down 0.2%

The stock’s 50-day moving average is $222.81 and its 200-day moving average is $217.62. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The stock has a market cap of $35.43 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.20 and a beta of 0.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the business earned $3.32 EPS. As a group, research analysts anticipate that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is 33.59%.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

Institutional investors have recently added to or reduced their stakes in the business. Delphi Management Inc. MA bought a new position in shares of M&T Bank in the fourth quarter worth about $1,524,000. LSV Asset Management lifted its position in shares of M&T Bank by 14.5% during the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider’s stock worth $78,960,000 after purchasing an additional 49,500 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its stake in M&T Bank by 22.8% during the 1st quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider’s stock valued at $24,786,000 after purchasing an additional 22,300 shares during the period. SG Americas Securities LLC grew its holdings in M&T Bank by 270.4% in the 4th quarter. SG Americas Securities LLC now owns 63,638 shares of the financial services provider’s stock valued at $12,822,000 after buying an additional 46,458 shares during the last quarter. Finally, Canoe Financial LP grew its holdings in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after buying an additional 219,065 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.