M&T Bank Corporation (NYSE:MTB) Shares Acquired by Foster Dykema Cabot & Partners LLC

Key Points

• Foster Dykema Cabot & Partners LLC increased its stake in M&T Bank Corporation by 129.6%, owning 2,503 shares valued at approximately $447,000 after acquiring additional shares in the first quarter.
• Insiders at M&T Bank sold a total of 10,438 shares in the last three months, indicating decreased ownership, with 0.53% of the stock currently held by corporate insiders.
• M&T Bank's recent quarterly earnings report revealed an EPS of $4.28, exceeding expectations, and the company also announced a quarterly dividend of $1.35 per share.

Foster Dykema Cabot & Partners LLC lifted its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 129.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,503 shares of the financial services provider's stock after purchasing an additional 1,413 shares during the period. Foster Dykema Cabot & Partners LLC's holdings in M&T Bank were worth $447,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in M&T Bank by 84.9% during the 4th quarter. Franklin Resources Inc. now owns 39,726 shares of the financial services provider's stock worth $7,469,000 after purchasing an additional 18,245 shares during the last quarter. Aviva PLC grew its holdings in M&T Bank by 43.5% in the 4th quarter. Aviva PLC now owns 45,388 shares of the financial services provider's stock valued at $8,533,000 after buying an additional 13,768 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of M&T Bank by 1.0% in the 4th quarter. Russell Investments Group Ltd. now owns 73,383 shares of the financial services provider's stock worth $13,803,000 after acquiring an additional 717 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of M&T Bank by 5.8% during the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock worth $183,000 after acquiring an additional 53 shares during the period. Finally, Cerity Partners LLC boosted its position in shares of M&T Bank by 9.2% during the 4th quarter. Cerity Partners LLC now owns 34,496 shares of the financial services provider's stock valued at $6,382,000 after acquiring an additional 2,905 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Buying and Selling

In related news, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on 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 completion of the transaction, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock valued at $1,967,346 in the last three months. 0.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MTB has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Piper Sandler reduced their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. TD Cowen initiated coverage on M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective for the company. Truist Financial reduced their target price on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Morgan Stanley upped their price target on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Trading Down 1.2%

Shares of MTB stock opened at $185.79 on Thursday. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a 50 day moving average price of $190.66 and a 200 day moving average price of $184.29. The stock has a market capitalization of $29.82 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 0.92 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 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 analysts' expectations of $2.39 billion. During the same quarter last year, the company posted $3.73 EPS. Equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

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

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.

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