LPL Financial LLC Acquires 7,786 Shares of M&T Bank Corporation (NYSE:MTB)

LPL Financial LLC increased its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 121,852 shares of the financial services provider's stock after purchasing an additional 7,786 shares during the period. LPL Financial LLC owned 0.07% of M&T Bank worth $21,781,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of M&T Bank by 2.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,010 shares of the financial services provider's stock valued at $6,258,000 after acquiring an additional 697 shares during the last quarter. Empirical Finance LLC boosted its holdings in shares of M&T Bank by 2.9% in the first quarter. Empirical Finance LLC now owns 5,435 shares of the financial services provider's stock worth $972,000 after buying an additional 154 shares during the period. HB Wealth Management LLC increased its position in shares of M&T Bank by 51.9% in the first quarter. HB Wealth Management LLC now owns 4,058 shares of the financial services provider's stock worth $726,000 after acquiring an additional 1,386 shares in the last quarter. Robinson Value Management Ltd. raised its holdings in shares of M&T Bank by 2.2% during the first quarter. Robinson Value Management Ltd. now owns 25,646 shares of the financial services provider's stock valued at $4,584,000 after acquiring an additional 543 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in shares of M&T Bank by 1.5% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 34,716 shares of the financial services provider's stock valued at $6,205,000 after acquiring an additional 500 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Robert W. Baird reduced their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Citigroup increased their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target for the company in a report on Thursday, April 24th. Finally, Piper Sandler dropped their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $212.88.

M&T Bank Stock Performance

Shares of NYSE:MTB traded down $2.25 during trading on Wednesday, hitting $185.79. 755,769 shares of the company were exchanged, compared to its average volume of 1,285,226. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The stock has a 50 day moving average of $190.58 and a 200 day moving average of $184.28. 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 $29.82 billion, a PE ratio of 12.03, a P/E/G ratio of 0.93 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations 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. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is presently 34.97%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction 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 sale, the director directly owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was 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. This represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock valued at $1,967,346 over the last quarter. 0.53% of the stock is owned by company insiders.

About M&T Bank

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.