M&T Bank (NYSE:MTB) Research Coverage Started at StockNews.com

Posted by Carolyn Dwyer on Mar 19th, 2023

StockNews.com began coverage on shares of M&T Bank (NYSE:MTB – Get Rating) in a research report report published on Thursday morning. The firm issued a hold rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Odeon Capital Group upgraded M&T Bank from a hold rating to a buy rating and set a $171.76 price objective for the company in a research report on Tuesday, January 10th. Keefe, Bruyette & Woods lowered M&T Bank from an outperform rating to a market perform rating and decreased their price objective for the company from $215.00 to $180.00 in a research report on Tuesday, December 6th. JPMorgan Chase & Co. upped their price target on M&T Bank from $153.00 to $160.00 and gave the stock a neutral rating in a research report on Monday, January 23rd. Wedbush raised M&T Bank from a neutral rating to an outperform rating and set a $170.00 price target for the company in a research report on Tuesday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on M&T Bank from $255.00 to $175.00 in a research report on Friday, January 6th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $182.18.

M&T Bank Price Performance

M&T Bank stock opened at $122.50 on Thursday. The firm has a market capitalization of $20.58 billion, a P/E ratio of 10.63, a PEG ratio of 0.78 and a beta of 0.82. M&T Bank has a 1 year low of $120.40 and a 1 year high of $193.42. The business has a 50-day moving average of $150.57 and a 200-day moving average of $161.78. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17.

M&T Bank (NYSE:MTB – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $4.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.10. M&T Bank had a return on equity of 11.41% and a net margin of 23.15%. The business had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the previous year, the firm earned $3.37 EPS. On average, equities analysts anticipate that M&T Bank will post 18.09 EPS for the current year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Monday, March 6th will be issued a dividend of $1.30 per share. This is a positive change from M&T Bank’s previous quarterly dividend of $1.20. This represents a $5.20 annualized dividend and a dividend yield of 4.24%. The ex-dividend date is Friday, March 3rd. M&T Bank’s dividend payout ratio is 45.14%.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently bought and sold shares of MTB. Norges Bank bought a new stake in M&T Bank in the fourth quarter worth approximately $231,022,000. State Street Corp increased its holdings in M&T Bank by 20.4% in the second quarter. State Street Corp now owns 8,629,986 shares of the financial services provider’s stock worth $1,375,533,000 after purchasing an additional 1,460,870 shares in the last quarter. Wells Fargo & Company MN increased its holdings in M&T Bank by 90.1% in the second quarter. Wells Fargo & Company MN now owns 3,012,996 shares of the financial services provider’s stock worth $480,241,000 after purchasing an additional 1,428,141 shares in the last quarter. Morgan Stanley grew its stake in M&T Bank by 71.6% in the fourth quarter. Morgan Stanley now owns 2,986,977 shares of the financial services provider’s stock valued at $433,291,000 after acquiring an additional 1,246,265 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in M&T Bank by 18.8% in the fourth quarter. JPMorgan Chase & Co. now owns 5,523,856 shares of the financial services provider’s stock valued at $801,292,000 after acquiring an additional 875,870 shares during the period. 84.10% of the stock is currently owned by institutional investors.

About M&T Bank

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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.