M&T Bank (NYSE:MTB) to Buyback $4.00 billion in Stock

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

M&T Bank Price Performance

Shares of NYSE:MTB opened at $195.58 on Thursday. The company’s fifty day moving average price is $201.76 and its 200-day moving average price is $184.65. The firm has a market capitalization of $32.45 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.38 and a beta of 0.79. M&T Bank has a one year low of $128.31 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the company posted $2.74 EPS. On average, equities research analysts anticipate that M&T Bank will post 16.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a research note on Friday, October 4th. Wells Fargo & Company increased their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Piper Sandler increased their target price 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. 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 stock. Based on data from MarketBeat, M&T Bank presently 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, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $195.03, for a total value of $280,063.08. Following the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,994 shares of company stock valued at $13,331,878. 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.