M&T Bank Corporation $MTB Shares Acquired by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its holdings in M&T Bank Corporation by 4.1%, acquiring an additional 2,110 shares, bringing their total shares owned to 53,065, valued at approximately $9.5 million.
• Insider activity saw Directors Richard H. Jr. Ledgett and Robert E. Sadler, Jr. sell shares, resulting in a significant decrease in their ownership positions, with a total of 25,438 shares valued at nearly $5 million sold in the last 90 days.
• Analysts have raised their price targets for M&T Bank, with a consensus rating of "Moderate Buy" and an average target price of $212.88, indicating a positive outlook for the stock.

Gabelli Funds LLC grew its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,065 shares of the financial services provider's stock after purchasing an additional 2,110 shares during the period. Gabelli Funds LLC's holdings in M&T Bank were worth $9,485,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in MTB. Wood Tarver Financial Group LLC acquired a new position in M&T Bank during the fourth quarter worth $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter worth $38,000. Grove Bank & Trust increased its position in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after acquiring an additional 114 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of M&T Bank during the first quarter worth $46,000. Finally, Investors Research Corp increased its position in shares of M&T Bank by 31.1% during the first 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 period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the transaction, the director owned 17,866 shares in the company, valued at $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,438 shares of company stock worth $4,964,196. Insiders own 0.53% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTB. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. Citigroup upped 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. Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Thirteen 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 stock. Based on data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and an average target price of $212.88.

M&T Bank Stock Up 0.5%

NYSE:MTB traded up $1.08 during trading hours on Monday, hitting $201.88. The company's stock had a trading volume of 748,468 shares, compared to its average volume of 855,304. The stock has a market capitalization of $31.55 billion, a P/E ratio of 13.08, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. The stock has a fifty day moving average of $194.68 and a 200-day moving average of $183.49. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. 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 quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm posted $3.73 earnings per share. On average, equities analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. This is a boost from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. M&T Bank's payout ratio is currently 34.97%.

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.