Park Avenue Securities LLC Boosts Stock Holdings in M&T Bank Co. (NYSE:MTB)

Park Avenue Securities LLC boosted its position in M&T Bank Co. (NYSE:MTB - Free Report) by 74.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,409 shares of the financial services provider's stock after acquiring an additional 4,862 shares during the quarter. Park Avenue Securities LLC's holdings in M&T Bank were worth $2,039,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its position in shares of M&T Bank by 17.6% during the 1st quarter. UMB Bank n.a. now owns 688 shares of the financial services provider's stock valued at $123,000 after purchasing an additional 103 shares during the last quarter. Breakwater Capital Group grew its position in M&T Bank by 28.8% during the first quarter. Breakwater Capital Group now owns 2,061 shares of the financial services provider's stock valued at $368,000 after acquiring an additional 461 shares during the last quarter. Salvus Wealth Management LLC lifted its holdings in shares of M&T Bank by 7.7% in the 1st quarter. Salvus Wealth Management LLC now owns 1,646 shares of the financial services provider's stock worth $294,000 after acquiring an additional 118 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of M&T Bank by 19.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 9,321 shares of the financial services provider's stock worth $1,666,000 after acquiring an additional 1,486 shares during the last quarter. Finally, Sentry Investment Management LLC purchased a new stake in shares of M&T Bank in the 1st quarter valued at $91,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 0.3%

MTB stock traded down $0.63 during midday trading on Thursday, hitting $183.90. The stock had a trading volume of 781,182 shares, compared to its average volume of 1,162,394. The business has a 50-day moving average of $174.29 and a two-hundred day moving average of $185.87. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a market cap of $29.52 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. M&T Bank Co. has a 52-week low of $141.00 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business earned $3.09 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $1.35 dividend. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.94%. M&T Bank's dividend payout ratio is currently 36.17%.

Analysts Set New Price Targets

Several research firms have weighed in on MTB. Piper Sandler lowered their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research report on Thursday, April 24th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company cut their target price on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, M&T Bank presently has an average rating of "Moderate Buy" and a consensus price target of $212.53.

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.