Ascent Group LLC Buys 1,432 Shares of M&T Bank Co. (NYSE:MTB)

Ascent Group LLC lifted its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,998 shares of the financial services provider's stock after acquiring an additional 1,432 shares during the quarter. Ascent Group LLC's holdings in M&T Bank were worth $3,196,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MTB. Barclays PLC boosted its stake in M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider's stock worth $102,999,000 after purchasing an additional 61,375 shares during the period. Merit Financial Group LLC boosted its stake in M&T Bank by 46.0% in the 4th quarter. Merit Financial Group LLC now owns 1,889 shares of the financial services provider's stock worth $355,000 after purchasing an additional 595 shares during the period. Atomi Financial Group Inc. boosted its stake in M&T Bank by 52.6% in the 4th quarter. Atomi Financial Group Inc. now owns 2,158 shares of the financial services provider's stock worth $406,000 after purchasing an additional 744 shares during the period. Janney Montgomery Scott LLC boosted its stake in M&T Bank by 9.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 84,473 shares of the financial services provider's stock worth $15,882,000 after purchasing an additional 7,035 shares during the period. Finally, Geneos Wealth Management Inc. bought a new position in M&T Bank in the 4th quarter worth approximately $259,000. 84.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.53% of the company's stock.

M&T Bank Trading Down 1.4%

MTB stock traded down $2.53 during midday trading on Wednesday, reaching $181.60. The company's stock had a trading volume of 1,009,696 shares, compared to its average volume of 1,146,570. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a fifty day simple moving average of $172.31 and a two-hundred day simple moving average of $188.39. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The firm has a market capitalization of $29.15 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the business earned $3.09 EPS. On average, equities research analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.97%. M&T Bank's payout ratio is 36.17%.

Wall Street Analysts Forecast Growth

MTB has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target for the company in a research note on Thursday, April 24th. Citigroup dropped their price target on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. decreased their price objective on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Truist Financial decreased their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank presently has an average rating of "Moderate Buy" and an average target price of $212.53.

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.