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M&T Bank (MTB) Announces 8.3% Increase in Quarterly Dividend
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M&T Bank (MTB - Free Report) has announced a hike in the quarterly dividend. The company declared a quarterly cash dividend of $1.30 per share, marking an 8.3% increase from the prior payout. The dividend will be paid out on Mar 31 to shareholders of record on Mar 6.
Prior to this, M&T Bank hiked its dividend by 9.1% to $1.20 per share in November 2021. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $154.20, M&T Bank’s dividend yield currently stands at 3.09%. It raised its quarterly dividend four times in the last five years. Also, it has a five-year annualized dividend growth of 7.63%. Currently, the company's payout ratio is 34% of earnings.
Apart from regular dividend increases, M&T Bank has a share repurchase program in place. In 2022, the company repurchased a total of around 10.5 million shares at a weighted average price of $172.19 per share for a total of approximately $1.8 billion. The company expects to buy back $600 million worth of shares quarterly.
MTB has been growing through acquisitions as well. In April 2022, it completed the acquisition of People's United for $8.3 billion, and expects to realize cost savings of $330 million by early 2023. The deal is also expected to be accretive to earnings. Earlier in 2015, the company had closed its merger with Hudson City Bancorp. Product and balance-sheet diversification, stemming from such buyouts, will likely support the company’s financials.
M&T Bank has a solid balance sheet position. As of Dec 31, 2022, the company had total debt of $7.5 billion (the majority of which is long-term in nature), and cash and cash equivalents of $1.5 billion. Given a robust liquidity position and decent earnings strength, the company is expected to continue with efficient capital deployment activities.
Over the past six months, shares of M&T Bank have lost 16.3% against a gain of 5.3% of the industry it belongs to.
Bank OZK (OZK - Free Report) announced a cash dividend of 34 cents per share, marking a 3.03% increase from its prior payout. The dividend was paid out on Jan 24 to shareholders of record as of Jan 17.
This represents the 50th consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3.1% to 33 cents per share in October 2022.
Cadence Bank (CADE - Free Report) announced a cash dividend of 23.5 cents per share, which represents an increase 6.8% from the previous dividend payout. The dividend will be paid out on Apr 3 to shareholders of record as of Mar 15, 2023.
Prior to this, CADE hiked its dividend 9.1% to 24 cents per share in October 2022.
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M&T Bank (MTB) Announces 8.3% Increase in Quarterly Dividend
M&T Bank (MTB - Free Report) has announced a hike in the quarterly dividend. The company declared a quarterly cash dividend of $1.30 per share, marking an 8.3% increase from the prior payout. The dividend will be paid out on Mar 31 to shareholders of record on Mar 6.
Prior to this, M&T Bank hiked its dividend by 9.1% to $1.20 per share in November 2021. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $154.20, M&T Bank’s dividend yield currently stands at 3.09%. It raised its quarterly dividend four times in the last five years. Also, it has a five-year annualized dividend growth of 7.63%. Currently, the company's payout ratio is 34% of earnings.
Apart from regular dividend increases, M&T Bank has a share repurchase program in place. In 2022, the company repurchased a total of around 10.5 million shares at a weighted average price of $172.19 per share for a total of approximately $1.8 billion. The company expects to buy back $600 million worth of shares quarterly.
MTB has been growing through acquisitions as well. In April 2022, it completed the acquisition of People's United for $8.3 billion, and expects to realize cost savings of $330 million by early 2023. The deal is also expected to be accretive to earnings. Earlier in 2015, the company had closed its merger with Hudson City Bancorp. Product and balance-sheet diversification, stemming from such buyouts, will likely support the company’s financials.
M&T Bank has a solid balance sheet position. As of Dec 31, 2022, the company had total debt of $7.5 billion (the majority of which is long-term in nature), and cash and cash equivalents of $1.5 billion. Given a robust liquidity position and decent earnings strength, the company is expected to continue with efficient capital deployment activities.
Over the past six months, shares of M&T Bank have lost 16.3% against a gain of 5.3% of the industry it belongs to.
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M&T Bank currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dividend Hikes by Other Banks
Bank OZK (OZK - Free Report) announced a cash dividend of 34 cents per share, marking a 3.03% increase from its prior payout. The dividend was paid out on Jan 24 to shareholders of record as of Jan 17.
This represents the 50th consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3.1% to 33 cents per share in October 2022.
Cadence Bank (CADE - Free Report) announced a cash dividend of 23.5 cents per share, which represents an increase 6.8% from the previous dividend payout. The dividend will be paid out on Apr 3 to shareholders of record as of Mar 15, 2023.
Prior to this, CADE hiked its dividend 9.1% to 24 cents per share in October 2022.