Applied Finance Capital Management LLC Purchases New Position in M&T Bank Corporation $MTB

Key Points

• Applied Finance Capital Management LLC purchased a new stake in M&T Bank Corporation, acquiring 4,113 shares valued at approximately $798,000 in the 2nd quarter.
• M&T Bank recently increased its quarterly dividend from $1.35 to $1.50 per share, representing an annualized payout of $6.00 and a dividend yield of 3.3%.
• Several analysts upgraded their price targets for M&T Bank, with Jefferies Financial Group raising it from $220.00 to $240.00 and maintaining a "buy" rating.

Applied Finance Capital Management LLC purchased a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,113 shares of the financial services provider's stock, valued at approximately $798,000.

Other institutional investors have also bought and sold shares of the company. Wealth Preservation Advisors LLC acquired a new stake in M&T Bank in the 1st quarter valued at $25,000. WPG Advisers LLC acquired a new stake in M&T Bank in the 1st quarter valued at $25,000. Golden State Wealth Management LLC acquired a new stake in M&T Bank in the 1st quarter valued at $46,000. Family Legacy Financial Solutions LLC acquired a new stake in M&T Bank in the 2nd quarter valued at $46,000. Finally, Stone House Investment Management LLC bought a new position in M&T Bank in the 1st quarter valued at $66,000. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Trading Up 1.1%

MTB stock opened at $180.63 on Friday. The company has a market cap of $28.23 billion, a P/E ratio of 11.12, a PEG ratio of 0.89 and a beta of 0.62. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average of $194.83 and a 200-day moving average of $186.25.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share for the quarter. The company had revenue of $1.54 billion during the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%. As a group, equities research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were given a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.3%. M&T Bank's dividend payout ratio is presently 38.86%.

Insider Transactions at M&T Bank

In related news, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,738 shares of company stock worth $3,734,612 over the last 90 days. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Morgan Stanley lifted their price objective on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. UBS Group lifted their price objective on M&T Bank from $207.00 to $208.00 and gave the company a "neutral" rating in a research report on Tuesday, October 7th. Jefferies Financial Group lifted their price objective on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Citigroup lifted their price objective on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their price objective on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $216.97.

M&T Bank Company 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.

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