SCS Capital Management LLC Purchases New Stake in M&T Bank Corporation $MTB

Key Points

• SCS Capital Management LLC acquired 1,713 shares of M&T Bank Corporation (NYSE: MTB), valued at approximately $306,000, during the first quarter of the fiscal year.
• M&T Bank recently announced a quarterly dividend increase to $1.50 per share, up from $1.35, representing a 3.0% dividend yield.
• Insiders, including EVP Peter D'arcy and Director John P. Barnes, sold significant positions in M&T Bank stock, with total sales amounting to $3,734,612 over the last three months.

SCS Capital Management LLC purchased a new stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,713 shares of the financial services provider's stock, valued at approximately $306,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Exchange Traded Concepts LLC grew its stake in M&T Bank by 53.8% in the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 184 shares in the last quarter. Private Trust Co. NA grew its stake in M&T Bank by 16.5% in the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new position in M&T Bank in the first quarter valued at about $225,000. Kingswood Wealth Advisors LLC grew its stake in M&T Bank by 4.4% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in M&T Bank by 1.8% in the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after purchasing an additional 2,111 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Transactions at M&T Bank

In other 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 transaction, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This trade represents a 20.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Barnes sold 15,000 shares of the firm's 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 completion of the transaction, the director owned 17,866 shares in the company, valued at $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 have sold 18,738 shares of company stock worth $3,734,612 in the last three months. Insiders own 0.53% of the company's stock.

M&T Bank Price Performance

M&T Bank stock opened at $198.03 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $30.95 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70. The business has a 50 day simple moving average of $195.55 and a 200 day simple moving average of $183.82.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the company posted $3.73 EPS. On average, sell-side analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. This is an increase 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 annualized dividend and a dividend yield of 3.0%. M&T Bank's payout ratio is 38.86%.

Analyst Ratings Changes

A number of brokerages have commented on MTB. Citigroup boosted their target price 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. TD Cowen began coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price on the stock. Jefferies Financial Group boosted their target price on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Finally, DA Davidson upped their price target on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $214.31.

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.

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