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

M&T Bank (NYSE:MTB) released its earnings results on Thursday. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23, RTT News reports. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $5.12 earnings per share.

M&T Bank Stock Down 1.3 %

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. M&T Bank has a 52-week low of $108.53 and a 52-week high of $175.00. The company has a 50-day moving average of $150.48 and a two-hundred day moving average of $143.72. The stock has a market capitalization of $27.57 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 3.91 and a beta of 0.77.

M&T Bank Increases Dividend

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

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the company’s 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 sale, the director now directly owns 6,348 shares in the company, valued at $939,567.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 sale, the director now owns 6,348 shares in the company, valued at $939,567.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John P. Barnes sold 43,426 shares of the 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 disclosure for this sale can be found here. Insiders sold 95,915 shares of company stock worth $14,497,759 over the last ninety days. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTB. Jefferies Financial Group increased their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research note on Friday. Citigroup upped their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $164.00 price target on shares of M&T Bank in a research note on Friday, June 21st. Ten investment 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 presently has an average rating of “Hold” and an average price target of $166.79.

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.