M&T Bank (NYSE:MTB) Now Covered by Analysts at TD Cowen

TD Cowen assumed coverage on shares of M&T Bank (NYSE:MTB) in a report issued on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $230.00 target price on the financial services provider’s stock.

Other research analysts also recently issued reports about the company. DA Davidson reduced their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Royal Bank of Canada reduced their target price on M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company reduced their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $209.33.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $187.78 on Thursday. The stock has a 50 day moving average price of $171.22 and a 200 day moving average price of $189.27. M&T Bank has a 52 week low of $139.78 and a 52 week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a market capitalization of $30.14 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company posted $3.09 earnings per share. Analysts predict that M&T Bank will post 16.57 earnings per share for the current fiscal year.

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

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 2.88%. M&T Bank’s dividend payout ratio is presently 36.17%.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently modified their holdings of the business. Woodline Partners LP raised its holdings in shares of M&T Bank by 40.7% during the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after buying an additional 4,054 shares in the last quarter. Empowered Funds LLC increased its holdings in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after purchasing an additional 362 shares in the last quarter. MBB Public Markets I LLC acquired a new position in M&T Bank in the 1st quarter worth about $300,000. Ascent Group LLC increased its holdings in M&T Bank by 12.5% in the 1st quarter. Ascent Group LLC now owns 19,125 shares of the financial services provider’s stock worth $3,418,000 after purchasing an additional 2,127 shares in the last quarter. Finally, United Services Automobile Association acquired a new position in M&T Bank in the 1st quarter worth about $649,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.