Exencial Wealth Advisors LLC Boosts Holdings in M&T Bank Corporation (NYSE:MTB)

Key Points

• Exencial Wealth Advisors LLC increased its stake in M&T Bank Corporation by 53.5%, acquiring an additional 23,265 shares to reach a total of 66,788 shares valued at approximately $11.94 million.
• Several hedge funds have also adjusted their holdings, with GAMMA Investing LLC significantly boosting their stake by 18,471.2% during the same period.
• M&T Bank reports a quarterly EPS of $4.28, surpassing expectations, and announced a quarterly dividend of $1.35 per share, indicating a 2.9% dividend yield.

Exencial Wealth Advisors LLC lifted its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 53.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,788 shares of the financial services provider's stock after buying an additional 23,265 shares during the period. Exencial Wealth Advisors LLC's holdings in M&T Bank were worth $11,938,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in shares of M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after acquiring an additional 701,905 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after acquiring an additional 286,049 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in shares of M&T Bank in the 4th quarter worth $48,939,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of M&T Bank in the 4th quarter worth $43,101,000. Finally, Northern Trust Corp lifted its stake in shares of M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after acquiring an additional 215,100 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the sale, the director owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock worth $1,967,346 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wells Fargo & Company raised their target price 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. 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. Barclays reduced their target price on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley raised 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 note on Friday, June 20th. Finally, DA Davidson raised their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $187.88 on Wednesday. The company has a market cap of $30.16 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. 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 50-day simple moving average of $190.58 and a 200-day simple moving average of $184.28.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping 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 net margin of 20.44% and a return on equity of 10.35%. During the same period in the previous year, the firm posted $3.73 earnings per share. On average, equities analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. M&T Bank's 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.

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