M&T Bank Co. (NYSE:MTB) Short Interest Update

M&T Bank Co. (NYSE:MTB) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 3,030,000 shares, a drop of 15.4% from the December 15th total of 3,580,000 shares. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is presently 2.7 days.

Insider Activity at M&T Bank

In related news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the sale, the director now directly owns 49,960 shares of the company’s stock, valued at $9,690,741.20. The trade was a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,994 shares of company stock valued at $17,211,278. 0.82% of the stock is owned by corporate insiders.

Institutional Trading of M&T Bank

Large investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in M&T Bank in the third quarter valued at approximately $44,000. Principal Financial Group Inc. raised its position in shares of M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares in the last quarter. Smead Capital Management Inc. raised its position in shares of M&T Bank by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after buying an additional 16,657 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in M&T Bank by 6.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after acquiring an additional 2,883 shares in the last quarter. Finally, National Pension Service grew its position in M&T Bank by 5.2% in the third quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock worth $47,761,000 after acquiring an additional 13,302 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $0.78 during midday trading on Friday, reaching $196.88. 2,029,408 shares of the company traded hands, compared to its average volume of 1,013,933. The firm’s fifty day moving average price is $202.41 and its two-hundred day moving average price is $183.49. The firm has a market capitalization of $32.67 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank has a 12 month low of $128.31 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. During the same quarter in the previous year, the firm earned $2.74 EPS. On average, equities analysts expect that M&T Bank will post 14.58 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.74%. M&T Bank’s dividend payout ratio is currently 39.97%.

Wall Street Analysts Forecast Growth

MTB has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Evercore ISI lifted their target price on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Compass Point boosted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, 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 report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $221.68.

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.