Arlington Trust Co LLC Acquires Shares of 6,750 M&T Bank Co. (NYSE:MTB)

Arlington Trust Co LLC bought a new position in M&T Bank Co. (NYSE:MTB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,750 shares of the financial services provider’s stock, valued at approximately $1,022,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MTB. Massachusetts Financial Services Co. MA grew its position in M&T Bank by 0.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after purchasing an additional 4,419 shares during the last quarter. Norges Bank purchased a new stake in shares of M&T Bank during the fourth quarter valued at approximately $232,322,000. Bank of New York Mellon Corp increased its position in shares of M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after acquiring an additional 44,442 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after acquiring an additional 100,008 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after acquiring an additional 319,051 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $166.51 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $176.44. The stock’s 50-day simple moving average is $163.27 and its 200-day simple moving average is $151.19. The company has a market capitalization of $27.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.45 and a beta of 0.76.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the firm posted $5.12 EPS. As a group, analysts expect that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Insiders Place Their Bets

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Kirk W. Walters sold 2,471 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock valued at $5,115,349 in the last quarter. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MTB shares. Piper Sandler boosted their price target on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Evercore ISI upped their target price on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Wells Fargo & Company lowered shares of M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $170.00 to $165.00 in a research note on Thursday, August 15th. Citigroup increased their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Jefferies Financial Group lifted their target price on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $175.85.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.