M&T Bank (NYSE:MTB) Sets New 12-Month High – Time to Buy?

M&T Bank Co. (NYSE:MTB) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $209.00 and last traded at $208.99, with a volume of 21151 shares changing hands. The stock had previously closed at $193.14.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MTB shares. Wells Fargo & Company raised their price target on M&T Bank from $165.00 to $190.00 and gave the company an “underweight” rating in a report on Friday, October 18th. Barclays lifted their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a report on Friday, October 4th. Bank of America lifted their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Evercore ISI increased their price target on 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, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $198.76.

M&T Bank Stock Performance

The stock has a market cap of $34.95 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 2.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The stock’s 50 day simple moving average is $182.71 and its two-hundred day simple moving average is $164.73.

M&T Bank Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the sale, the director now directly owns 2,108 shares in the company, valued at $443,143.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the sale, the director now owns 2,108 shares of the company’s stock, valued at $443,143.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares of the company’s stock, valued at $7,933,531.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,438 shares of company stock worth $12,622,007. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently modified their holdings of MTB. Plato Investment Management Ltd increased its position in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank in the third quarter valued at $32,000. Hexagon Capital Partners LLC increased its holdings in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new position in M&T Bank during the second quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its position in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 158 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.