M&T Bank (NYSE:MTB) Posts Earnings Results, Misses Expectations By $0.03 EPS

M&T Bank (NYSE:MTB) posted its quarterly earnings results on Monday. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03), Zacks reports. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business posted $3.09 EPS.

M&T Bank Trading Up 0.6 %

NYSE:MTB opened at $159.47 on Wednesday. The firm has a market cap of $26.20 billion, a P/E ratio of 10.90, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank has a 52 week low of $136.18 and a 52 week high of $225.70. The firm’s fifty day moving average is $179.62 and its 200-day moving average is $191.54.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MTB shares. Piper Sandler decreased their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday. Barclays lowered their target price on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday. Evercore ISI reduced their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. DA Davidson cut their target price on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price target on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $208.14.

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.