M&T Bank (NYSE:MTB) Hits New 52-Week High – Here’s What Happened

M&T Bank Co. (NYSE:MTB)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $209.00 and last traded at $208.99, with a volume of 21151 shares traded. The stock had previously closed at $193.14.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Royal Bank of Canada upped their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Morgan Stanley raised their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods raised their target price 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, July 19th. Finally, Citigroup lifted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $198.76.

M&T Bank Trading Up 0.6 %

The stock has a market capitalization of $34.95 billion, a P/E ratio of 15.50, a P/E/G ratio of 2.70 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $182.71 and a two-hundred day moving average price of $164.73.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.58%. M&T Bank’s payout ratio is 39.97%.

Insider Activity

In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares in the company, valued at $502,184.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the transaction, the director now directly owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,438 shares of company stock worth $12,622,007. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ontario Teachers Pension Plan Board increased its holdings in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after purchasing an additional 3,739 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after buying an additional 18,566 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in M&T Bank by 60.0% during the 2nd quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after buying an additional 12,304 shares during the period. SG Americas Securities LLC grew its holdings in M&T Bank by 178.6% during the 1st quarter. SG Americas Securities LLC now owns 22,362 shares of the financial services provider’s stock worth $3,252,000 after acquiring an additional 14,334 shares during the last quarter. Finally, Pitcairn Co. acquired a new position in M&T Bank in the 1st quarter valued at approximately $454,000. 84.68% of the stock is currently owned by institutional investors.

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.