Fiduciary Alliance LLC Purchases Shares of 22,048 M&T Bank Co. (NYSE:MTB)

Fiduciary Alliance LLC acquired a new stake in M&T Bank Co. (NYSE:MTB) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 22,048 shares of the financial services provider’s stock, valued at approximately $3,158,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in M&T Bank during the 3rd quarter worth $833,000. Stevens Capital Management LP acquired a new stake in M&T Bank in the fourth quarter valued at approximately $320,000. Matrix Asset Advisors Inc. NY grew its position in shares of M&T Bank by 15.7% during the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after buying an additional 12,590 shares in the last quarter. Smead Capital Management Inc. acquired a new position in M&T Bank in the fourth quarter worth $59,418,000. Finally, Rafferty Asset Management LLC lifted its stake in M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after buying an additional 100,526 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research analyst reports. Bank of America lifted their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Wedbush restated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a report on Wednesday, April 10th. JPMorgan Chase & Co. upped their price target on M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Piper Sandler reissued an “overweight” rating and issued a $164.00 target price on shares of M&T Bank in a research note on Friday, June 21st. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $170.00 price target on shares of M&T Bank in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $161.51.

M&T Bank Price Performance

NYSE:MTB traded up $3.71 during trading hours on Friday, hitting $151.36. 1,989,882 shares of the company’s stock traded hands, compared to its average volume of 757,229. The firm has a market cap of $25.25 billion, a P/E ratio of 10.23, a P/E/G ratio of 2.97 and a beta of 0.78. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $156.65. The business’s fifty day simple moving average is $148.32 and its two-hundred day simple moving average is $142.00. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the firm posted $4.09 earnings per share. On average, research analysts anticipate that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.57%. M&T Bank’s payout ratio is currently 36.51%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director John P. Barnes sold 43,426 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the transaction, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares in the company, valued at $464,662.02. The disclosure for this sale can be found here. Insiders sold 97,553 shares of company stock worth $14,724,147 in the last three months. Corporate insiders own 0.82% of the company’s stock.

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.