AlphaCore Capital LLC Takes $379,000 Position in M&T Bank Corporation (NYSE:MTB)

Key Points

• AlphaCore Capital LLC recently acquired 2,119 shares of M&T Bank Corporation, valued at approximately $379,000, marking a significant investment during the 1st quarter.
• M&T Bank reported a quarterly earnings per share (EPS) of $4.28, surpassing analysts' expectations and achieving a net margin of 20.44% for the quarter.
• The anticipated dividend yield for M&T Bank stands at 2.9% with a recent dividend of $1.35 paid to shareholders, reflecting a payout ratio of 34.97%.

AlphaCore Capital LLC purchased a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,119 shares of the financial services provider's stock, valued at approximately $379,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of M&T Bank by 18,471.2% during the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after purchasing an additional 701,905 shares during the period. Nuveen Asset Management LLC raised its position in M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after buying an additional 286,049 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in M&T Bank in the 4th quarter valued at $48,939,000. Lansforsakringar Fondforvaltning AB publ purchased a new stake in M&T Bank in the 4th quarter valued at $43,101,000. Finally, Northern Trust Corp increased its position in shares of M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after purchasing an additional 215,100 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Trading Up 0.5%

MTB stock traded up $1.01 during midday trading on Wednesday, hitting $192.09. The company had a trading volume of 37,845 shares, compared to its average volume of 1,266,583. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The stock's 50 day moving average price is $191.07 and its 200 day moving average price is $183.91. The stock has a market cap of $30.02 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 0.91 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the company posted $3.73 earnings per share. As a group, equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.8%. M&T Bank's payout ratio is 34.97%.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,438 shares of company stock valued at $1,967,346. Company insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MTB shares. Wells Fargo & Company lifted their price objective on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Truist Financial decreased their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. TD Cowen started coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Robert W. Baird cut their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Piper Sandler cut their target price on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $212.88.

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.