Empirical Financial Services LLC d.b.a. Empirical Wealth Management Invests $6.76 Million in M&T Bank Corporation (NYSE:MTB)

Key Points

• Empirical Wealth Management has acquired a new position in M&T Bank Corporation, purchasing 37,805 shares valued at approximately $6.76 million in the first quarter.
• Insider trading activity includes the sale of 6,700 shares by Director Robert E. Sadler, Jr., which represents a 22.51% decrease in his holdings.
• M&T Bank recently reported an EPS of $4.28, exceeding estimates, with plans for a quarterly dividend of $1.35 per share reflecting a yield of 2.82%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 37,805 shares of the financial services provider's stock, valued at approximately $6,758,000.

Other institutional investors have also recently modified their holdings of the company. Quadrant Capital Group LLC lifted its holdings in M&T Bank by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock worth $183,000 after buying an additional 53 shares in the last quarter. Marcum Wealth LLC raised its stake in shares of M&T Bank by 4.9% in the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 57 shares in the last quarter. Forum Financial Management LP raised its stake in shares of M&T Bank by 2.2% in the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after purchasing an additional 62 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in shares of M&T Bank by 4.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after purchasing an additional 67 shares in the last quarter. Finally, Investors Research Corp raised its stake in shares of M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 70 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research reports. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Wells Fargo & Company increased their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Truist Financial dropped their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Citigroup increased their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Finally, TD Cowen initiated coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $212.88.

M&T Bank Price Performance

Shares of M&T Bank stock traded down $3.85 on Friday, hitting $184.85. The company had a trading volume of 1,282,103 shares, compared to its average volume of 1,083,864. The business has a 50-day simple moving average of $190.33 and a 200-day simple moving average of $184.51. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.97. The company has a market cap of $29.67 billion, a PE ratio of 11.97, a PEG ratio of 0.93 and a beta of 0.63. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business earned $3.73 earnings per share. Research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio is 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.