Elevatus Welath Management Cuts Position in M&T Bank Corporation $MTB

Key Points

• Elevatus Wealth Management substantially reduced its holdings in M&T Bank Corporation by 55.4%, owning 3,567 shares valued at $638,000 after selling 4,422 shares in the first quarter.
• Various institutional investors increased or diversified their stakes in M&T Bank, with notable increases from Grove Bank & Trust and Investors Research Corp, indicating mixed sentiment in institutional interest.
• M&T Bank's stock price is currently around $190.29, with an average price target from analysts at $212.88, reflecting a generally positive outlook despite recent fluctuations.

Elevatus Welath Management reduced its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 55.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,567 shares of the financial services provider's stock after selling 4,422 shares during the period. Elevatus Welath Management's holdings in M&T Bank were worth $638,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Exchange Traded Concepts LLC raised its position 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 worth $94,000 after purchasing an additional 184 shares during the last quarter. Private Trust Co. NA raised its position in shares of M&T Bank by 16.5% in the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock worth $115,000 after acquiring an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of M&T Bank in the 1st quarter worth about $225,000. Kingswood Wealth Advisors LLC raised its position in shares of M&T Bank by 4.4% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock worth $370,000 after acquiring an additional 88 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of M&T Bank in the 1st quarter worth about $46,000. 84.68% of the stock is owned by institutional investors.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,438 shares of company stock worth $1,967,346. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup lifted their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. 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. Wells Fargo & Company lifted their price objective on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Morgan Stanley lifted their price objective on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Up 1.5%

MTB stock traded up $2.8960 during mid-day trading on Wednesday, reaching $193.2560. 702,778 shares of the company traded hands, compared to its average volume of 1,254,901. The stock has a market cap of $30.20 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 0.93 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The firm's 50 day moving average price is $191.95 and its 200 day moving average price is $183.59.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly 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 business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter in the previous year, the business earned $3.73 EPS. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. This is an increase from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a yield of 3.1%. M&T Bank's dividend payout ratio (DPR) is presently 34.97%.

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.