9,377 M&T Bank Corporation $MTB Shares Purchased by Vest Financial LLC

Key Points

• Vest Financial increased its M&T Bank stake by 35.2% in the third quarter, purchasing 9,377 shares and bringing its holdings to 36,034 shares valued at approximately $7.84 million. Institutional investors collectively own 84.68% of the company.
• M&T Bank reported quarterly earnings of $5.08 per share, exceeding estimates of $4.93, while revenue reached $2.54 billion. The bank also pays a quarterly dividend of $1.50, equivalent to a 2.7% yield.
• Insiders sold 20,028 shares worth roughly $4.79 million over the past 90 days. Analysts maintain a consensus “Hold” rating, with an average price target of $247.12.

Vest Financial LLC increased its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 35.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,034 shares of the financial services provider's stock after acquiring an additional 9,377 shares during the period. Vest Financial LLC's holdings in M&T Bank were worth $7,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Crossmark Global Holdings Inc. raised its stake in shares of M&T Bank by 30.1% in the third quarter. Crossmark Global Holdings Inc. now owns 4,843 shares of the financial services provider's stock worth $1,054,000 after purchasing an additional 1,120 shares during the last quarter. Taylor Securities Services Inc. boosted its position in M&T Bank by 1.7% in the third quarter. Taylor Securities Services Inc. now owns 4,200 shares of the financial services provider's stock valued at $914,000 after buying an additional 70 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in M&T Bank by 346.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 17,955 shares of the financial services provider's stock valued at $3,907,000 after buying an additional 13,933 shares during the last quarter. 55 North Private Wealth LLC boosted its position in M&T Bank by 15.2% in the third quarter. 55 North Private Wealth LLC now owns 1,247 shares of the financial services provider's stock valued at $271,000 after buying an additional 165 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its position in M&T Bank by 8.2% in the third quarter. CWA Asset Management Group LLC now owns 26,466 shares of the financial services provider's stock valued at $5,759,000 after buying an additional 2,015 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Buying and Selling

In related news, Director Rudina Seseri sold 623 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the transaction, the director directly owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rene F. Jones sold 19,396 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer owned 103,831 shares of the company's stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 20,028 shares of company stock worth $4,794,884 in the last ninety days. Corporate insiders own 0.44% of the company's stock.

M&T Bank Stock Up 1.3%

Shares of MTB opened at $222.45 on Friday. The company has a market capitalization of $32.13 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.27 and a beta of 0.61. M&T Bank Corporation has a 52 week low of $179.32 and a 52 week high of $255.95. The stock's 50-day moving average price is $229.26 and its 200-day moving average price is $228.98. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.93 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same period last year, the business earned $4.82 earnings per share. On average, sell-side analysts predict that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, September 1st. M&T Bank's dividend payout ratio is currently 31.32%.

Analysts Set New Price Targets

MTB has been the topic of several research reports. Deutsche Bank Aktiengesellschaft downgraded shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 price target on the stock. in a report on Thursday, July 23rd. Truist Financial dropped their price objective on shares of M&T Bank from $250.00 to $235.00 and set a "hold" rating on the stock in a report on Tuesday. Evercore set a $230.00 price objective on shares of M&T Bank in a research note on Thursday, October 1st. Royal Bank Of Canada cut their price objective on shares of M&T Bank from $255.00 to $245.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $247.12.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company's offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.