Farther Finance Advisors LLC Raises Position in M&T Bank Corporation $MTB

Key Points

• Farther Finance Advisors LLC increased its stake in M&T Bank Corporation by 62.0% during the second quarter, owning 4,416 shares valued at $857,000.
• Wall Street analysts have largely positive outlooks for M&T Bank, with a consensus rating of "Moderate Buy" and a price target of $214.53.
• M&T Bank has raised its quarterly dividend to $1.50 per share, indicating a 3.0% dividend yield, a positive change from its previous quarterly dividend of $1.35.

Farther Finance Advisors LLC raised its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 62.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,416 shares of the financial services provider's stock after acquiring an additional 1,690 shares during the quarter. Farther Finance Advisors LLC's holdings in M&T Bank were worth $857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Marcum Wealth LLC boosted its stake in shares of M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock worth $220,000 after acquiring an additional 57 shares during the last quarter. First Manhattan CO. LLC. boosted its stake in shares of M&T Bank by 0.6% during the 1st quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider's stock worth $1,733,000 after acquiring an additional 57 shares during the last quarter. Compound Planning Inc. boosted its stake in shares of M&T Bank by 3.0% during the 1st quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock worth $397,000 after acquiring an additional 64 shares during the last quarter. Checchi Capital Advisers LLC boosted its stake in shares of M&T Bank by 4.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock worth $282,000 after acquiring an additional 67 shares during the last quarter. Finally, Investors Research Corp boosted its stake in shares of M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after acquiring an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of several analyst reports. Cantor Fitzgerald initiated coverage on shares of M&T Bank in a research note on Wednesday, September 10th. They set an "overweight" rating and a $228.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Wells Fargo & Company raised their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. 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 report on Thursday, July 17th. Finally, 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 report on Friday, June 20th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, M&T Bank has a consensus rating of "Moderate Buy" and a consensus price target of $214.53.

Insider Activity

In other news, Director John P. Barnes sold 15,000 shares of the firm'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 value of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm'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 directly owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock valued at $3,734,612 in the last ninety days. Insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $198.91 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $31.08 billion, a P/E ratio of 12.88, a P/E/G ratio of 0.98 and a beta of 0.67. The firm's fifty day moving average is $195.37 and its two-hundred day moving average is $184.86. 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 posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion for 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 EPS. As a group, analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is a positive change 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 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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