Sciencast Management LP Takes Position in M&T Bank Corporation $MTB

Key Points

• Sciencast Management LP acquired 20,094 shares of M&T Bank Corporation, valued at approximately $3.59 million, making it the firm's 17th largest holding.
• M&T Bank announced a quarterly dividend increase from $1.35 to $1.50, representing an annualized dividend of $6.00 and a yield of 3.0%.
• Several analysts have given M&T Bank a consensus rating of "Moderate Buy" with a price target average of $213.63, amidst positive earnings results that exceeded estimates.

Sciencast Management LP acquired a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 20,094 shares of the financial services provider's stock, valued at approximately $3,592,000. M&T Bank comprises approximately 0.8% of Sciencast Management LP's investment portfolio, making the stock its 17th largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Marcum Wealth LLC raised its holdings in shares of 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 purchasing an additional 57 shares during the last quarter. First Manhattan CO. LLC. grew its stake in shares of M&T Bank by 0.6% in the first quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider's stock valued at $1,733,000 after buying an additional 57 shares in the last quarter. Forum Financial Management LP grew its stake in shares of 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 in the last quarter. Compound Planning Inc. grew its stake in shares of M&T Bank by 3.0% in the first quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock valued at $397,000 after buying an additional 64 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its stake in shares of 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 in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MTB shares. TD Cowen started coverage on shares of M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Cowen started coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Citigroup raised their target price on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.63.

Insider Buying and Selling at M&T Bank

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

M&T Bank Trading Down 1.4%

Shares of M&T Bank stock opened at $199.63 on Monday. The firm has a 50-day moving average of $195.53 and a 200-day moving average of $183.54. The stock has a market cap of $31.20 billion, a PE ratio of 12.93, a PEG ratio of 0.98 and a beta of 0.67. 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 quick ratio of 0.97 and a current ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations 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 business posted $3.73 earnings per share. As a group, sell-side analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is presently 38.86%.

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.

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