M&T Bank (NYSE:MTB) Hits New 52-Week High at $156.66

M&T Bank Co. (NYSE:MTB)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $156.66 and last traded at $155.50, with a volume of 256934 shares changing hands. The stock had previously closed at $154.94.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Thursday, June 27th. Jefferies Financial Group raised their price target on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $160.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Wedbush restated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research report on Wednesday, April 10th. Finally, DA Davidson reiterated a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $161.58.

M&T Bank Stock Up 0.2 %

The company has a market capitalization of $25.90 billion, a P/E ratio of 10.57, a P/E/G ratio of 3.54 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $149.04 and a 200-day simple moving average of $142.69.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period in the prior year, the firm posted $4.09 earnings per share. On average, equities research analysts expect that M&T Bank Co. will post 13.96 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors 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 3.48%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In other news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $2,394,653.79. Following the completion of the transaction, the director now directly owns 6,348 shares in the company, valued at $939,567.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,553 shares of company stock valued at $14,724,147. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its stake in M&T Bank by 9.2% in the second quarter. QRG Capital Management Inc. now owns 1,750 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 148 shares in the last quarter. O Keefe Stevens Advisory Inc. raised its position in shares of M&T Bank by 1.2% in the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 42,000 shares of the financial services provider’s stock valued at $6,357,000 after buying an additional 507 shares in the last quarter. Simplicity Wealth LLC lifted its holdings in shares of M&T Bank by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 3,094 shares of the financial services provider’s stock worth $468,000 after acquiring an additional 116 shares during the period. CWM LLC boosted its position in shares of M&T Bank by 3.9% during the 2nd quarter. CWM LLC now owns 5,596 shares of the financial services provider’s stock worth $847,000 after acquiring an additional 211 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new position in M&T Bank in the second quarter valued at approximately $471,000. Institutional investors own 84.68% of the company’s stock.

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.