Cerity Partners LLC increased its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 15.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,947 shares of the financial services provider's stock after acquiring an additional 5,451 shares during the period. Cerity Partners LLC's holdings in M&T Bank were worth $7,141,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank in the 4th quarter worth about $29,000. Banque Transatlantique SA acquired a new position in M&T Bank during the 4th quarter valued at about $38,000. Grove Bank & Trust increased its stake in M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC acquired a new position in M&T Bank during the 1st quarter valued at about $46,000. Finally, Loomis Sayles & Co. L P acquired a new position in M&T Bank during the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 84.68% of the company's stock.
M&T Bank Trading Down 0.4%
NYSE MTB traded down $0.70 on Friday, hitting $194.90. 229,208 shares of the stock were exchanged, compared to its average volume of 1,202,381. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. 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 capitalization of $31.29 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 1.37 and a beta of 0.63. The company's 50-day moving average price is $188.26 and its two-hundred day moving average price is $184.31.
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. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the company posted $3.73 EPS. Research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.
M&T Bank Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio is currently 36.17%.
Analysts Set New Price Targets
Several equities analysts have commented on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. JPMorgan Chase & Co. dropped their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Truist Financial dropped their target price on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Barclays dropped their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.88.
Check Out Our Latest Report on M&T Bank
Insider Activity at M&T Bank
In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's 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 completion of the sale, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company's stock.
M&T Bank Profile
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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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