Advent Capital Management DE Makes New $2.15 Million Investment in M&T Bank Corporation (NYSE:MTB)

Key Points

• Advent Capital Management DE invested approximately $2.15 million in M&T Bank Corporation, acquiring 12,000 shares in the first quarter, highlighting institutional interest in the financial services provider.
• M&T Bank's stock recently opened at $187.22 with a market capitalization of $29.26 billion and has reported a P/E ratio of 12.13.
• The company announced a quarterly dividend of $1.35 per share, reflecting an annualized yield of 2.9% and a dividend payout ratio of 34.97%.

Advent Capital Management DE bought a new position in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,000 shares of the financial services provider's stock, valued at approximately $2,145,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Wood Tarver Financial Group LLC bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $29,000. Banque Transatlantique SA bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $38,000. Grove Bank & Trust boosted its holdings in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in M&T Bank during the first quarter worth approximately $46,000. Finally, Investors Research Corp boosted its holdings in M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after buying an additional 70 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Up 1.9%

M&T Bank stock opened at $187.22 on Friday. The company has a market capitalization of $29.26 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.92 and a beta of 0.63. The firm's fifty day simple moving average is $190.77 and its 200-day simple moving average is $184.04. 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 1-year low of $150.75 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate 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 earned $3.73 EPS. Sell-side analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. TD Cowen initiated coverage on shares of M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target for the company. Robert W. Baird reduced their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Barclays reduced their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 15th. DA Davidson increased their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company increased 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $212.88.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction on Monday, July 21st. The stock was 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. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by insiders.

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.

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