Ascent Group LLC Purchases 2,127 Shares of M&T Bank Corporation $MTB

Key Points

• Ascent Group LLC increased its holdings in M&T Bank Corporation by 12.5%, owning 19,125 shares worth approximately $3.42 million after purchasing an additional 2,127 shares in the first quarter.
• Several analysts have raised their price targets for M&T Bank, with Morgan Stanley setting a new target of $215.00, while the stock has an average target of $213.63.
• M&T Bank recently declared an increase in its quarterly dividend to $1.50, representing an annualized payout of $6.00 and a yield of 3.0%.

Ascent Group LLC raised its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,125 shares of the financial services provider's stock after purchasing an additional 2,127 shares during the quarter. Ascent Group LLC's holdings in M&T Bank were worth $3,418,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new position in shares of M&T Bank in the 1st quarter worth $25,000. WPG Advisers LLC purchased a new stake in shares of M&T Bank during the 1st quarter worth about $25,000. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank in the fourth quarter valued at approximately $29,000. Grove Bank & Trust increased its position in M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of M&T Bank in the 1st quarter valued at approximately $46,000. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Wells Fargo & Company raised their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. DA Davidson upped their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Cantor Fitzgerald initiated coverage on M&T Bank in a report on Wednesday. They set an "overweight" rating and a $228.00 target price on the stock. Finally, Morgan Stanley raised their price target on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Fourteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and a consensus price target of $214.31.

Insiders Place Their Bets

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their position. The sale 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 stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the sale, the director directly owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock worth $3,734,612 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 0.4%

NYSE MTB traded up $0.89 during trading on Friday, reaching $198.72. 696,729 shares of the stock traded hands, compared to its average volume of 806,594. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a market cap of $31.05 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67. The stock's 50-day moving average price is $195.47 and its 200 day moving average price is $183.80.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the firm posted $3.73 earnings per share. Analysts predict that M&T Bank Corporation will post 16.57 EPS 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. Shareholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. M&T Bank's payout ratio is presently 38.86%.

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.