Retirement Planning Co of New England Inc. Invests $447,000 in M&T Bank Corporation $MTB

Key Points

• Retirement Planning Co of New England Inc. has invested $447,000 in M&T Bank Corporation by acquiring 2,499 shares during the first quarter.
• Analysts are optimistic about M&T Bank, with a consensus average target price of $212.88 and multiple "buy" ratings from firms like Royal Bank of Canada and TD Cowen.
• M&T Bank recently increased its quarterly dividend to $1.50 per share, reflecting a 3.0% yield and a notable rise from the previous dividend of $1.35.

Retirement Planning Co of New England Inc. bought a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,499 shares of the financial services provider's stock, valued at approximately $447,000.

Several other large investors have also made changes to their positions in MTB. Wealth Preservation Advisors LLC acquired a new position in shares of M&T Bank during the 1st quarter worth approximately $25,000. WPG Advisers LLC acquired a new position in shares of M&T Bank during the 1st quarter worth approximately $25,000. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $29,000. Banque Transatlantique SA acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $38,000. Finally, Grove Bank & Trust raised its stake in shares of M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MTB. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. Wells Fargo & Company increased their price objective on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Jefferies Financial Group increased their price objective on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday. Cowen started coverage on M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $213.63.

M&T Bank Trading Down 0.3%

Shares of MTB traded down $0.63 during midday trading on Wednesday, reaching $198.35. The company had a trading volume of 954,154 shares, compared to its average volume of 812,662. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The stock has a market cap of $31.00 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. The firm has a 50 day simple moving average of $195.24 and a 200-day simple moving average of $183.72. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last issued its 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. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the company earned $3.73 EPS. Research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio is 34.97%.

Insider Buying and Selling

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 15,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the transaction, the director owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock valued at $4,964,196 over the last 90 days. Insiders own 0.53% of the company's stock.

M&T Bank Company Profile

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.