M&T Bank Co. (NYSE: MTB – Get a rating) Director Gary N. Geisel sold 533 shares of the company in a trade dated Friday, August 19. The shares were sold at an average price of $189.34, for a total value of $100,918.22. Following completion of the transaction, the administrator now directly owns 17,740 shares of the company, valued at $3,358,891.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via the SEC website.
Performance of M&T Bank shares
MTB opened at $184.08 on Tuesday. The company’s 50-day moving average is $169.65 and its 200-day moving average is $172.11. The stock has a market capitalization of $33.03 billion, a PE ratio of 17.11, a price-to-growth earnings ratio of 0.84 and a beta of 0.91. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt ratio of 0.13. M&T Bank Co. has a 12-month low of $131.42 and a 12-month high of $193.42.
M&T Bank (NYSE: MTB – Get a rating) last released its quarterly results on Wednesday, July 20. The financial services provider reported earnings per share of $1.08 for the quarter, missing analyst consensus estimates of $2.75 per ($1.67). M&T Bank posted a net margin of 23.21% and a return on equity of 10.76%. During the same period a year earlier, the company posted EPS of $3.45. On average, analysts predict M&T Bank Co. will post 15.21 earnings per share for the current year.
M&T Bank announces dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30. Shareholders of record on Thursday, September 1 will receive a dividend of $1.20 per share. The ex-date of this dividend is Wednesday, August 31. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 2.61%. M&T Bank’s dividend payout ratio (DPR) is currently 44.61%.
M&T Bank announced that its board had authorized a share buyback plan on Tuesday, July 19 that allows the company to repurchase $3.00 billion of outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 9.7% of its shares through purchases on the open market. Stock buyback plans are usually an indication that the company’s management believes its stock is undervalued.
Hedge funds weigh on M&T Bank
Hedge funds have recently changed their stock holdings. AIA Group Ltd increased its position in M&T Bank shares by 118.8% in the 1st quarter. AIA Group Ltd now owns 361 shares of the financial services provider worth $61,000 after buying an additional 196 shares during the period. Mutual of America Capital Management LLC increased its position in M&T Bank shares by 1.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 17,175 shares of the financial services provider valued at $2,911,000 after purchasing an additional 184 shares during the period. Arizona State Retirement System increased its position in M&T Bank shares by 2.2% in the 1st quarter. Arizona State Retirement System now owns 35,820 shares of the financial services provider valued at $6,071,000 after purchasing an additional 785 shares during the period. Sciencast Management LP acquired a new position in M&T Bank stock in Q1 worth $1,695,000. Finally, Belpointe Asset Management LLC acquired a new position in M&T Bank shares in the 1st quarter with a value of $112,000. 87.61% of the shares are currently held by institutional investors and hedge funds.
Analysts set new price targets
Several research companies have commented on the MTB. Wedbush raised its price target on M&T Bank to $188.00 in a Friday, July 22 research report. Wells Fargo & Company lowered its target price on M&T Bank from $195.00 to $175.00 and set an “equal weight” rating for the company in a Friday, July 1 research note. Citigroup raised its target price on M&T Bank to $200.00 in a Friday July 22 research note. Robert W. Baird upgraded M&T Bank from a “neutral” rating to an “outperforming” rating and raised its target price for the company from $175.00 to $200.00 in a Friday, June 17 research note. To finish, StockNews.com downgraded M&T Bank from a “hold” to a “sell” rating in a Friday, August 12 research note. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned the company’s stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $198.71.
About M&T Bank
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.
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