Means Investment CO. Inc. lifted its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 89.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,800 shares of the financial services provider's stock after buying an additional 3,672 shares during the period. Means Investment CO. Inc.'s holdings in M&T Bank were worth $1,394,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Wood Tarver Financial Group LLC bought a new stake in M&T Bank during the 4th quarter worth about $29,000. Banque Transatlantique SA acquired a new stake in shares of M&T Bank in the fourth quarter valued at about $38,000. Grove Bank & Trust boosted its position in M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares during the last quarter. Loomis Sayles & Co. L P acquired a new position in M&T Bank during the fourth quarter valued at approximately $52,000. Finally, Investors Research Corp grew its stake in M&T Bank by 31.1% in the first 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.
M&T Bank Stock Performance
NYSE MTB traded up $3.04 during trading on Friday, reaching $184.74. The company's stock had a trading volume of 3,680,780 shares, compared to its average volume of 1,180,042. The firm has a 50 day moving average price of $176.15 and a 200 day moving average price of $184.49. M&T Bank Corporation has a 12 month low of $145.25 and a 12 month high of $225.70. The firm has a market capitalization of $29.65 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.32 and a beta of 0.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39.
M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same period in the prior year, the firm earned $3.09 earnings per share. As a group, equities analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.
M&T Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.92%. The ex-dividend date is Monday, June 2nd. M&T Bank's dividend payout ratio is currently 36.17%.
Insider Activity
In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director now owns 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company's stock.
Analyst Ratings Changes
MTB has been the topic of a number of analyst reports. Truist Financial dropped their price objective on 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. Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. DA Davidson dropped their target price on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, M&T Bank has an average rating of "Moderate Buy" and a consensus price target of $210.63.
Read Our Latest Stock Report on M&T Bank
About M&T Bank
(
Free Report)
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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