Apollon Wealth Management LLC lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 60.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,672 shares of the financial services provider's stock after buying an additional 1,769 shares during the period. Apollon Wealth Management LLC's holdings in M&T Bank were worth $835,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of MTB. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the 4th quarter valued at approximately $29,000. Banque Transatlantique SA purchased a new position in M&T Bank in the 4th quarter valued at approximately $38,000. Grove Bank & Trust increased its stake in M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in M&T Bank in the 1st quarter valued at approximately $46,000. Finally, Loomis Sayles & Co. L P purchased a new position in M&T Bank in the 4th quarter valued at approximately $52,000. 84.68% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.53% of the company's stock.
Analyst Ratings Changes
MTB has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. DA Davidson raised their price target on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday. Citigroup raised their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Cowen assumed coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Robert W. Baird dropped their price target on 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $212.88.
View Our Latest Research Report on MTB
M&T Bank Trading Up 0.3%
Shares of NYSE:MTB traded up $0.55 during midday trading on Friday, reaching $196.15. The company's stock had a trading volume of 1,191,662 shares, compared to its average volume of 1,201,725. The firm has a market cap of $31.49 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.37 and a beta of 0.63. 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 Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The business has a 50 day moving average price of $188.26 and a 200 day moving average price of $184.31.
M&T Bank (NYSE:MTB - Get Free Report) last issued its 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. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter last year, the firm earned $3.73 earnings per share. Research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.
M&T Bank Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's payout ratio is currently 36.17%.
M&T Bank Company Profile
(
Free Report)
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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