Dynamic Technology Lab Private Ltd Sells 3,440 Shares of M&T Bank Corporation $MTB

Key Points

• Dynamic Technology Lab Private Ltd reduced its stake in M&T Bank Corporation by 63.4%, selling 3,440 shares, leaving it with a total of 1,990 shares valued at approximately $356,000.
• Analysts are optimistic about M&T Bank, with Jefferies Financial Group raising their price target from $220.00 to $240.00 and 14 analysts rating the stock as a "Buy".
• M&T Bank declared a $1.50 quarterly dividend, an increase from the previous dividend of $1.35, resulting in a dividend yield of 3.0%.

Dynamic Technology Lab Private Ltd trimmed its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 63.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,990 shares of the financial services provider's stock after selling 3,440 shares during the period. Dynamic Technology Lab Private Ltd's holdings in M&T Bank were worth $356,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its holdings in M&T Bank by 53.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 184 shares during the last quarter. Private Trust Co. NA grew its holdings in M&T Bank by 16.5% during the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 91 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in M&T Bank during the 1st quarter valued at about $225,000. Kingswood Wealth Advisors LLC grew its holdings in M&T Bank by 4.4% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares during the last quarter. Finally, Raymond James Financial Inc. grew its holdings in M&T Bank by 1.8% during the 1st quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after purchasing an additional 2,111 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on MTB shares. 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. Morgan Stanley boosted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. Citigroup boosted their price objective on shares of 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, Cantor Fitzgerald started coverage on shares of M&T Bank in a research report on Wednesday. They issued an "overweight" rating and a $228.00 price objective for the company. Fourteen equities research 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.31.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the sale, the director owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This represents a 20.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Barnes sold 15,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were 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 of the company's stock, valued at $3,569,448.14. The trade was a 45.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,738 shares of company stock valued at $3,734,612. Company insiders own 0.53% of the company's stock.

M&T Bank Price Performance

Shares of MTB opened at $198.72 on Friday. The company has a 50 day moving average price of $195.47 and a 200-day moving average price of $183.88. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The stock has a market capitalization of $31.05 billion, a PE ratio of 12.87, a PEG ratio of 0.97 and a beta of 0.67. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97.

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 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 firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the prior year, the company earned $3.73 EPS. Equities analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared 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. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. 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. M&T Bank's dividend payout ratio is currently 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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