Code Waechter LLC Makes New $616,000 Investment in M&T Bank Co. (NYSE:MTB)

Code Waechter LLC acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,458 shares of the financial services provider’s stock, valued at approximately $616,000.

Several other large investors have also recently made changes to their positions in MTB. General Partner Inc. bought a new stake in M&T Bank in the 1st quarter worth approximately $27,000. Hexagon Capital Partners LLC raised its stake in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in M&T Bank during the first quarter valued at $30,000. Oakworth Capital Inc. bought a new stake in shares of M&T Bank in the 2nd quarter worth about $35,000. Finally, Quent Capital LLC raised its position in shares of M&T Bank by 75.7% during the 3rd quarter. Quent Capital LLC now owns 397 shares of the financial services provider’s stock valued at $71,000 after buying an additional 171 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MTB has been the topic of several analyst reports. Citigroup boosted their price objective on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. DA Davidson raised their target price on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Piper Sandler upped their price target on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $170.00 to $165.00 in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $185.75.

M&T Bank Stock Up 3.4 %

NYSE:MTB traded up $6.11 during mid-day trading on Friday, reaching $185.19. The company’s stock had a trading volume of 1,154,921 shares, compared to its average volume of 1,019,191. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $30.90 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. The stock has a fifty day moving average of $169.88 and a 200-day moving average of $157.01. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $185.98.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. The firm had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter in the prior year, the company earned $5.12 EPS. Equities research analysts forecast that M&T Bank Co. will post 14.16 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s payout ratio is 40.09%.

Insider Buying and Selling

In other news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the sale, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at approximately $2,834,002.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock worth $5,115,349 in the last three months. 0.82% of the stock is owned by insiders.

About M&T Bank

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.