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

M&T Bank (NYSE:MTB) posted its earnings results on Monday. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11), RTT News reports. The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the previous year, the company earned $4.09 earnings per share.

M&T Bank Trading Up 1.2 %

NYSE:MTB opened at $139.04 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. M&T Bank has a 12 month low of $108.53 and a 12 month high of $148.23. The company has a market cap of $23.17 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 1.26 and a beta of 0.80. The company has a 50 day simple moving average of $139.61 and a two-hundred day simple moving average of $132.77.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were issued a $1.30 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a yield of 3.74%. M&T Bank’s payout ratio is currently 35.16%.

Insider Activity

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares in the company, valued at $923,215. The disclosure for this sale can be found here. Insiders sold a total of 35,481 shares of company stock valued at $5,114,624 in the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Raymond James & Associates grew its position in shares of M&T Bank by 7.0% in the first quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock valued at $2,692,000 after purchasing an additional 8,765 shares during the period. American Century Companies Inc. raised its stake in shares of M&T Bank by 112.8% in the 1st quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock valued at $1,658,000 after acquiring an additional 43,979 shares during the period. US Bancorp DE grew its holdings in shares of M&T Bank by 9.4% in the first quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 1,304 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of M&T Bank by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock valued at $1,187,000 after purchasing an additional 4,175 shares in the last quarter. Finally, AlphaCrest Capital Management LLC acquired a new position in shares of M&T Bank in the first quarter valued at approximately $306,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of several recent research reports. Wedbush reissued an “outperform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Evercore ISI upped their price objective on M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Piper Sandler dropped their price objective on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. Barclays boosted their target price on M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. upped their price objective on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $157.98.

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.