CTC Alternative Strategies Ltd. Buys Shares of 10,000 M&T Bank Corporation $MTB

Key Points

• CTC Alternative Strategies Ltd. has acquired 10,000 shares of M&T Bank Corporation, valued at approximately $1.79 million, which makes up 2.2% of its portfolio.
• M&T Bank has received positive outlooks from analysts, with target prices raised by firms like DA Davidson and Morgan Stanley, reflecting a consensus rating of "Moderate Buy".
• The company recently increased its quarterly dividend to $1.50, yielding a total of $6.00 annually, showing a commitment to returning value to shareholders.

CTC Alternative Strategies Ltd. bought a new position in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,000 shares of the financial services provider's stock, valued at approximately $1,788,000. M&T Bank makes up about 2.2% of CTC Alternative Strategies Ltd.'s portfolio, making the stock its 14th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Schonfeld Strategic Advisors LLC increased its position in M&T Bank by 41.4% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 2,618 shares of the financial services provider's stock worth $492,000 after buying an additional 767 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of M&T Bank by 2.7% during the 4th quarter. Baird Financial Group Inc. now owns 4,378 shares of the financial services provider's stock worth $823,000 after acquiring an additional 114 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of M&T Bank during the 4th quarter valued at about $114,000. Captrust Financial Advisors raised its stake in shares of M&T Bank by 17.8% in the 4th quarter. Captrust Financial Advisors now owns 9,141 shares of the financial services provider's stock valued at $1,719,000 after acquiring an additional 1,380 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in M&T Bank by 8.7% in the 4th quarter. Cetera Investment Advisers now owns 31,714 shares of the financial services provider's stock worth $5,963,000 after purchasing an additional 2,526 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. TD Cowen began coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price on the stock. Jefferies Financial Group upped their price target on shares of M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Finally, Citigroup raised their price target 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. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $213.63.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,438 shares of company stock worth $4,964,196 over the last quarter. 0.53% of the stock is owned by company insiders.

M&T Bank Stock Performance

NYSE MTB opened at $199.63 on Monday. The company's fifty day moving average is $195.53 and its two-hundred day moving average is $183.54. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week 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 firm has a market capitalization of $31.20 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.98 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter last year, the company earned $3.73 earnings per share. Equities research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio is 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.

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