Sound Income Strategies LLC Purchases 3,818 Shares of M&T Bank Co. (NYSE:MTB)

Sound Income Strategies LLC increased its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,718 shares of the financial services provider's stock after buying an additional 3,818 shares during the period. M&T Bank accounts for 1.2% of Sound Income Strategies LLC's portfolio, making the stock its 23rd largest position. Sound Income Strategies LLC owned approximately 0.07% of M&T Bank worth $19,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Sanctuary Advisors LLC raised its stake in M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock worth $3,195,000 after buying an additional 52 shares in the last quarter. Quadrant Capital Group LLC raised its stake in M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock worth $183,000 after buying an additional 53 shares in the last quarter. Marcum Wealth LLC raised its stake in 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 worth $220,000 after buying an additional 57 shares in the last quarter. Parallel Advisors LLC raised its stake in M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock worth $660,000 after buying an additional 60 shares in the last quarter. Finally, Forum Financial Management LP raised its stake in 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 worth $540,000 after buying an additional 62 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 3.3%

NYSE:MTB opened at $177.85 on Friday. The company's 50 day moving average price is $174.73 and its 200-day moving average price is $185.32. M&T Bank Co. has a 52 week low of $141.14 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $28.55 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.38 and a beta of 0.62.

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

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank's dividend payout ratio is currently 36.17%.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research reports. Wells Fargo & Company decreased their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. JPMorgan Chase & Co. cut their price objective 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. Robert W. Baird cut their price objective on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Morgan Stanley cut their price objective on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of "Moderate Buy" and a consensus price target of $212.53.

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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