M&T Bank Co. Declares Quarterly Dividend of $1.35 (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) declared a quarterly dividend on Wednesday, February 19th,RTT News reports. Shareholders of record on Monday, March 3rd will be paid a dividend of 1.35 per share by the financial services provider on Monday, March 31st. This represents a $5.40 annualized dividend and a yield of 2.71%.

M&T Bank has a dividend payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect M&T Bank to earn $18.68 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 28.9%.

M&T Bank Stock Down 0.6 %

Shares of M&T Bank stock traded down $1.24 during trading on Wednesday, hitting $199.37. The company’s stock had a trading volume of 717,418 shares, compared to its average volume of 1,190,210. M&T Bank has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a market capitalization of $33.08 billion, a PE ratio of 13.63, a P/E/G ratio of 1.39 and a beta of 0.79. The company has a fifty day simple moving average of $195.30 and a two-hundred day simple moving average of $189.51. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the business earned $2.74 earnings per share. Equities research analysts predict that M&T Bank will post 16.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MTB has been the subject of several analyst reports. Wells Fargo & Company raised their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays upped their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Evercore ISI upped their target price on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $221.68.

Insider Buying and Selling

In related news, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is owned by corporate insiders.

M&T Bank announced that its board has approved a stock buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.