Rhino Investment Partners Inc Makes New $11.25 Million Investment in M&T Bank Corporation $MTB

Key Points

• Rhino Investment Partners Inc acquired 62,932 shares of M&T Bank Corporation, valued at approximately $11.25 million, making M&T Bank its 12th largest holding.
• M&T Bank has announced a quarterly dividend increase to $1.50 per share, which represents an annualized dividend of $6.00 and a yield of 3.1%.
• Analyst ratings for M&T Bank show a consensus of 13 Buy ratings and a price target of $212.88, signaling strong market confidence in the company's performance.

Rhino Investment Partners Inc purchased a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 62,932 shares of the financial services provider's stock, valued at approximately $11,249,000. M&T Bank makes up 2.8% of Rhino Investment Partners Inc's portfolio, making the stock its 12th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MTB. Townsquare Capital LLC raised its stake in M&T Bank by 9.4% during the 4th quarter. Townsquare Capital LLC now owns 1,414 shares of the financial services provider's stock worth $266,000 after acquiring an additional 122 shares in the last quarter. Jump Financial LLC purchased a new position in M&T Bank during the 4th quarter worth $251,000. Canada Pension Plan Investment Board grew its position in M&T Bank by 48.2% during the 4th quarter. Canada Pension Plan Investment Board now owns 14,421 shares of the financial services provider's stock worth $2,711,000 after purchasing an additional 4,693 shares during the last quarter. MML Investors Services LLC grew its position in M&T Bank by 66.8% during the 4th quarter. MML Investors Services LLC now owns 11,427 shares of the financial services provider's stock worth $2,148,000 after purchasing an additional 4,575 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in M&T Bank by 7.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,804 shares of the financial services provider's stock worth $1,655,000 after purchasing an additional 581 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MTB shares. DA Davidson raised their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Cowen started coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Citigroup raised their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, M&T Bank currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction dated 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 sale, the director owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,438 shares of company stock valued at $1,967,346. Corporate insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $7.1850 during midday trading on Friday, hitting $199.6150. The stock had a trading volume of 1,111,448 shares, compared to its average volume of 868,752. The company has a market capitalization of $31.19 billion, a PE ratio of 12.93, a P/E/G ratio of 0.98 and a beta of 0.63. The stock has a 50 day moving average price of $192.73 and a two-hundred day moving average price of $183.54. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70.

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 for the quarter, beating the consensus estimate 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 net margin of 20.44% and a return on equity of 10.35%. During the same quarter in the previous year, the firm earned $3.73 earnings per share. As a group, equities analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

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

M&T Bank 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.