Rhumbline Advisers Acquires 18,490 Shares of M&T Bank Co. (NYSE:MTB)

Rhumbline Advisers raised its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,789 shares of the financial services provider's stock after purchasing an additional 18,490 shares during the period. Rhumbline Advisers owned 0.20% of M&T Bank worth $56,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Beese Fulmer Investment Management Inc. bought a new stake in M&T Bank in the first quarter valued at $311,000. Investors Research Corp lifted its position in shares of M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after purchasing an additional 70 shares during the period. Tompkins Financial Corp boosted its stake in shares of M&T Bank by 9.2% during the 1st quarter. Tompkins Financial Corp now owns 1,186 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 100 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after purchasing an additional 701,905 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its position in shares of M&T Bank by 1,033.3% during the first quarter. AdvisorNet Financial Inc now owns 374 shares of the financial services provider's stock valued at $67,000 after buying an additional 341 shares during the period. Institutional investors own 84.68% of the company's stock.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Truist Financial cut their price objective 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. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Robert W. Baird lowered their price objective on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their target price on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Barclays reduced their target price on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.53.

M&T Bank Stock Performance

Shares of NYSE:MTB traded down $2.48 during midday trading on Wednesday, hitting $180.13. The company had a trading volume of 953,543 shares, compared to its average volume of 1,155,816. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70. The company has a fifty day moving average of $172.40 and a two-hundred day moving average of $187.29. The company has a market cap of $28.91 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company earned $3.09 EPS. On average, equities research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank's dividend payout ratio is currently 36.17%.

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.