M&T Bank (NYSE:MTB) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

M&T Bank (NYSE:MTB) released its quarterly earnings data on Thursday. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23, RTT News reports. The business had revenue of $3.37 billion during the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the previous year, the firm posted $5.12 EPS.

M&T Bank Stock Performance

Shares of MTB stock opened at $165.25 on Friday. The stock’s fifty day simple moving average is $150.48 and its 200-day simple moving average is $143.76. The company has a market capitalization of $27.57 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 3.86 and a beta of 0.77. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank has a 1-year low of $108.53 and a 1-year high of $175.00.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.27%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is presently 36.51%.

Analyst Ratings Changes

Several analysts recently weighed in on MTB shares. Evercore ISI lifted their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Piper Sandler reissued an “overweight” rating and issued a $164.00 price objective on shares of M&T Bank in a report on Friday, June 21st. Jefferies Financial Group lifted their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus price target of $166.79.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares in the company, valued at $1,319,278.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total value of $280,033.38. Following the transaction, the executive vice president now owns 8,579 shares in the company, valued at $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,915 shares of company stock worth $14,497,759. 0.82% of the stock is currently owned by company insiders.

M&T Bank Company Profile

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.