Advisors Capital Management LLC Buys 2,932 Shares of M&T Bank Corporation $MTB

Key Points

• Advisors Capital Management LLC increased its stake in M&T Bank Corporation by 1.6%, now owning 185,017 shares worth approximately $33.07 million.
• M&T Bank recently increased its quarterly dividend from $1.35 to $1.50, representing a yield of 3.0% with a payout ratio of 38.86%.
• The bank reported earnings of $4.28 per share for the last quarter, exceeding analysts' expectations of $4.04, along with a revenue of $2.40 billion.

Advisors Capital Management LLC raised its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 185,017 shares of the financial services provider's stock after buying an additional 2,932 shares during the period. Advisors Capital Management LLC owned about 0.12% of M&T Bank worth $33,072,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Marcum Wealth LLC boosted its position in M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after buying an additional 57 shares during the period. First Manhattan CO. LLC. boosted its position in M&T Bank by 0.6% during the 1st quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider's stock valued at $1,733,000 after buying an additional 57 shares during the period. Forum Financial Management LP boosted its position in M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after buying an additional 62 shares during the period. Compound Planning Inc. boosted its position in M&T Bank by 3.0% during the 1st quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock valued at $397,000 after buying an additional 64 shares during the period. Finally, Checchi Capital Advisers LLC boosted its position in M&T Bank by 4.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after buying an additional 67 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 15,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,738 shares of company stock worth $3,734,612. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on MTB. DA Davidson raised 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. 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. 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. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. Finally, Citigroup lifted their price target on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, M&T Bank presently has an average rating of "Moderate Buy" and an average target price of $214.31.

M&T Bank Stock Up 0.4%

NYSE MTB traded up $0.89 during trading hours on Friday, reaching $198.72. 696,729 shares of the company's stock traded hands, compared to its average volume of 808,852. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The firm has a market cap of $31.05 billion, a PE ratio of 12.87, a PEG ratio of 0.97 and a beta of 0.67. The firm has a 50-day simple moving average of $195.47 and a 200 day simple moving average of $183.84. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data 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 during 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 period last year, the business earned $3.73 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio (DPR) is 38.86%.

M&T Bank 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.