M&T Bank Corporation $MTB is AlphaQuest LLC's 4th Largest Position

Key Points

• AlphaQuest LLC significantly increased its stake in M&T Bank Corporation by 677% during the first quarter, now holding 21,531 shares valued at approximately $3.85 million.
• M&T Bank has received ratings upgrades from various analysts, with Morgan Stanley raising its price target from $206 to $215 and maintaining an "overweight" rating.
• The company recently announced a quarterly dividend of $1.50 per share, raising its annualized yield to 3.1%, signaling strong financial performance.

AlphaQuest LLC raised its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 677.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,531 shares of the financial services provider's stock after buying an additional 18,760 shares during the period. M&T Bank comprises about 0.4% of AlphaQuest LLC's holdings, making the stock its 4th largest position. AlphaQuest LLC's holdings in M&T Bank were worth $3,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its stake in M&T Bank by 53.8% in the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after buying an additional 184 shares in the last quarter. Private Trust Co. NA raised its stake in M&T Bank by 16.5% in the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after buying an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in M&T Bank in the first quarter valued at $225,000. Kingswood Wealth Advisors LLC raised its stake in M&T Bank by 4.4% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after buying an additional 88 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in M&T Bank in the first quarter valued at $46,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. Morgan Stanley raised their price target on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Cowen started coverage on M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating on the stock. DA Davidson raised their price objective on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Citigroup raised their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, M&T Bank currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. 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. Company insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of MTB traded up $7.1850 during mid-day trading on Friday, hitting $199.6150. 1,111,448 shares of the company's stock were exchanged, compared to its average volume of 885,357. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The firm has a market capitalization of $31.19 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.98 and a beta of 0.63. The business's 50 day moving average is $192.73 and its two-hundred day moving average is $183.41. 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 (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm earned $3.73 earnings per share. On average, equities analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. M&T Bank's payout ratio is currently 34.97%.

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.