M&T Bank Corporation $MTB Shares Newly Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners LP initiated a position in M&T Bank during the third quarter, purchasing 5,103 shares valued at about $1.11 million. Institutional investors collectively own 84.68% of the stock.
• Analyst sentiment is mixed but tilts to a consensus Hold: eight analysts rate the stock Buy, 13 Hold, and two Sell, with an average price target of $244.89.
• M&T Bank reported quarterly earnings of $5.08 per share, topping the $4.93 estimate, and revenue of $2.54 billion, slightly above expectations.

CenterBook Partners LP bought a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,103 shares of the financial services provider's stock, valued at approximately $1,110,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank in the 2nd quarter worth $330,978,000. Davis Asset Management L.P. purchased a new position in M&T Bank in the 2nd quarter worth approximately $97,584,000. Squarepoint Ops LLC boosted its stake in shares of M&T Bank by 718.5% in the second quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider's stock valued at $53,409,000 after purchasing an additional 196,982 shares during the period. Danske Bank A S acquired a new stake in shares of M&T Bank during the second quarter valued at about $34,683,000. Finally, Susquehanna Fundamental Investments LLC increased its position in shares of M&T Bank by 205.4% during the second quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider's stock worth $26,313,000 after acquiring an additional 74,353 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Citigroup raised their price objective on shares of M&T Bank from $225.00 to $230.00 and gave the stock a "neutral" rating in a report on Wednesday, October 21st. Cantor Fitzgerald lowered their target price on M&T Bank from $285.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. Evercore set a $230.00 price target on M&T Bank in a research report on Thursday, October 1st. TD Cowen assumed coverage on M&T Bank in a report on Thursday, October 8th. They issued a "hold" rating and a $245.00 price target on the stock. Finally, Truist Financial reduced their price objective on M&T Bank from $250.00 to $235.00 and set a "hold" rating for the company in a research report on Tuesday, October 20th. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $244.89.

M&T Bank Trading Up 2.4%

M&T Bank stock opened at $222.94 on Tuesday. The firm has a 50 day simple moving average of $224.05 and a 200-day simple moving average of $225.31. M&T Bank Corporation has a 12-month low of $179.75 and a 12-month high of $255.95. The stock has a market capitalization of $32.20 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 1.30 and a beta of 0.64. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same period in the prior year, the business posted $4.82 earnings per share. As a group, equities research analysts expect that M&T Bank Corporation will post 19.48 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank's dividend payout ratio is presently 31.32%.

Insider Buying and Selling

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company's stock, valued at $879,554.96. This represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Rene F. Jones sold 19,396 shares of the company's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer directly owned 103,831 shares of the company's stock, valued at $24,851,949.85. This represents a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.44% of the company's stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.

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