Independence Financial Advisors LLC Takes Position in M&T Bank Corporation (NYSE:MTB)

Independence Financial Advisors LLC purchased a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,824 shares of the financial services provider's stock, valued at approximately $505,000.

A number of other large investors have also made changes to their positions in the stock. Banque Cantonale Vaudoise purchased a new position in M&T Bank during the 1st quarter valued at about $1,167,000. Algebris UK Ltd boosted its stake in shares of M&T Bank by 277.7% during the 1st quarter. Algebris UK Ltd now owns 115,289 shares of the financial services provider's stock worth $19,078,000 after purchasing an additional 84,761 shares during the last quarter. Cozad Asset Management Inc. boosted its stake in shares of M&T Bank by 5.9% during the 1st quarter. Cozad Asset Management Inc. now owns 9,387 shares of the financial services provider's stock worth $1,678,000 after purchasing an additional 521 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in shares of M&T Bank by 6.7% during the 1st quarter. Picton Mahoney Asset Management now owns 68,842 shares of the financial services provider's stock worth $12,305,000 after purchasing an additional 4,314 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of M&T Bank by 29.7% during the 1st quarter. Mackenzie Financial Corp now owns 27,215 shares of the financial services provider's stock worth $4,865,000 after purchasing an additional 6,239 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 2.0%

Shares of MTB traded down $3.85 during mid-day trading on Friday, reaching $184.85. 1,282,103 shares of the stock traded hands, compared to its average volume of 1,293,572. The firm has a market cap of $29.67 billion, a price-to-earnings ratio of 11.97, a P/E/G ratio of 0.94 and a beta of 0.63. The stock has a fifty day simple moving average of $190.23 and a 200 day simple moving average of $184.58. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter last year, the firm posted $3.73 earnings per share. Sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is 34.97%.

Insider Buying and Selling

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% 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 Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,438 shares of company stock worth $1,967,346. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on MTB. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research note on Thursday, April 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Robert W. Baird decreased their target price on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company raised their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $212.88.

About M&T Bank

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.