Stock Repurchase Program Initiated by M&T Bank (NYSE:MTB) Board

M&T Bank (NYSE:MTB) declared that its board has authorized a share buyback program on Wednesday, January 22nd, RTT News reports. The company plans to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Price Performance

NYSE MTB traded down $2.68 during trading on Wednesday, reaching $195.58. 1,295,034 shares of the company traded hands, compared to its average volume of 1,451,823. M&T Bank has a 1-year low of $128.31 and a 1-year high of $225.70. The company has a market cap of $32.45 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 1.38 and a beta of 0.79. The stock’s 50 day moving average price is $201.76 and its two-hundred day moving average price is $184.65. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the business posted $2.74 EPS. As a group, analysts anticipate that M&T Bank will post 16.56 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Analysts Set New Price Targets

MTB has been the topic of several research analyst reports. The Goldman Sachs Group raised their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial reaffirmed a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. Piper Sandler raised their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Finally, Evercore ISI upped their target price on shares of 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $221.68.

Insider Activity at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares in the company, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the transaction, the executive vice president now directly owns 5,618 shares in the company, valued at approximately $1,095,678.54. This represents a 20.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,994 shares of company stock valued at $13,331,878 in the last ninety days. Insiders own 0.82% of the company’s stock.

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.