Cinctive Capital Management LP Buys New Shares in M&T Bank Corporation $MTB

Key Points

• Cinctive Capital Management LP purchased 20,279 shares of M&T Bank Corporation, valued at approximately $3.6 million, marking a significant new investment in the financial services provider.
• M&T Bank's recent earnings report showed $4.28 earnings per share, exceeding analysts' expectations and signaling strong financial performance.
• The bank announced a quarterly dividend increase from $1.35 to $1.50, indicating a commitment to returning value to shareholders with an annualized yield of 3.0%.

Cinctive Capital Management LP bought a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,279 shares of the financial services provider's stock, valued at approximately $3,625,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new position in shares of M&T Bank in the first quarter valued at $25,000. WPG Advisers LLC bought a new position in shares of M&T Bank in the first quarter valued at $25,000. Wood Tarver Financial Group LLC bought a new position in shares of M&T Bank in the fourth quarter valued at $29,000. Grove Bank & Trust grew its stake in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after buying an additional 114 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of M&T Bank in the first quarter valued at $46,000. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Citigroup raised their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. 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 report on Friday, June 20th. DA Davidson raised their price target on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $213.63.

Insider Buying and Selling at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 25,438 shares of company stock worth $4,964,196. Insiders own 0.53% of the company's stock.

M&T Bank Trading Up 1.9%

Shares of M&T Bank stock opened at $202.43 on Friday. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $31.63 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 0.97 and a beta of 0.67. The business has a fifty day simple moving average of $195.42 and a two-hundred day simple moving average of $183.75.

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 (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter in the previous year, the business posted $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 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 given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost 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 3.0%. M&T Bank's dividend payout ratio (DPR) is presently 38.86%.

About M&T Bank

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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