Picton Mahoney Asset Management Has $12.31 Million Stake in M&T Bank Corporation (NYSE:MTB)

Key Points

• Picton Mahoney Asset Management increased its stake in M&T Bank Corporation by 6.7%, owning around 68,842 shares valued at approximately $12.31 million as of the latest SEC filing.
• M&T Bank reported earnings of $4.28 per share for the last quarter, exceeding analysts' expectations of $4.04, along with revenues of $2.40 billion.
• The company declared a quarterly dividend of $1.35 per share, which translates to an annualized yield of 2.78% and a payout ratio of 34.97%.

Picton Mahoney Asset Management increased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 6.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,842 shares of the financial services provider's stock after acquiring an additional 4,314 shares during the period. Picton Mahoney Asset Management's holdings in M&T Bank were worth $12,305,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of MTB. Quadrant Capital Group LLC raised its stake in M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock valued at $183,000 after buying an additional 53 shares during the period. Marcum Wealth LLC raised its stake in M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after buying an additional 57 shares during the period. Forum Financial Management LP raised its stake in M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after buying an additional 62 shares during the period. Checchi Capital Advisers LLC raised its stake in M&T Bank by 4.4% in the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after buying an additional 67 shares during the period. Finally, Investors Research Corp raised 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 buying an additional 70 shares during the period. Institutional investors own 84.68% of the company's stock.

Analysts Set New Price Targets

MTB has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. 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 price objective on the stock. Citigroup upped their price objective on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Truist Financial decreased 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. One equities 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $212.88.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value 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 represents a 22.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,438 shares of company stock valued at $1,967,346. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Price Performance

NYSE:MTB traded down $3.66 during trading hours on Friday, reaching $185.04. 587,485 shares of the company were exchanged, compared to its average volume of 1,288,551. The company has a market capitalization of $29.70 billion, a P/E ratio of 11.96, a P/E/G ratio of 0.94 and a beta of 0.63. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year 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 business has a 50 day moving average of $190.23 and a 200 day moving average of $184.58.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. During the same quarter in the prior year, the business posted $3.73 earnings per share. Research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio (DPR) is currently 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.