Fiduciary Alliance LLC Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Fiduciary Alliance LLC raised its stake in M&T Bank Co. (NYSE:MTB) by 10.4% during the third quarter, Holdings Channel reports. The firm owned 23,905 shares of the financial services provider’s stock after purchasing an additional 2,247 shares during the period. Fiduciary Alliance LLC’s holdings in M&T Bank were worth $4,258,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MTB. Ontario Teachers Pension Plan Board lifted its stake in M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after acquiring an additional 3,739 shares during the last quarter. Leuthold Group LLC bought a new stake in shares of M&T Bank during the first quarter worth approximately $3,125,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after buying an additional 18,566 shares during the period. Finally, Gateway Investment Advisers LLC boosted its holdings in shares of M&T Bank by 60.0% in the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock valued at $4,964,000 after buying an additional 12,304 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MTB. Royal Bank of Canada increased their price target on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Piper Sandler raised their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Wedbush boosted their price target on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, Jefferies Financial Group upped their price target on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $185.75.

M&T Bank Trading Up 0.1 %

Shares of M&T Bank stock traded up $0.24 during mid-day trading on Monday, hitting $185.43. The stock had a trading volume of 211,394 shares, compared to its average volume of 1,015,050. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market cap of $30.94 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. The firm has a 50-day moving average of $169.88 and a two-hundred day moving average of $157.20. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $185.98.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the business posted $5.12 earnings per share. Sell-side analysts forecast that M&T Bank Co. will post 14.16 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,699 shares of company stock valued at $5,115,349. Corporate insiders own 0.82% of the company’s stock.

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.