Applied Capital LLC FL Makes New $4.07 Million Investment in M&T Bank Co. (NYSE:MTB)

Applied Capital LLC FL acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 27,974 shares of the financial services provider’s stock, valued at approximately $4,069,000. M&T Bank comprises 3.3% of Applied Capital LLC FL’s investment portfolio, making the stock its 3rd biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new stake in M&T Bank during the 3rd quarter worth about $833,000. Stevens Capital Management LP acquired a new position in shares of M&T Bank during the 4th quarter worth about $320,000. Matrix Asset Advisors Inc. NY grew its position in shares of M&T Bank by 15.7% during the 4th 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 during the period. Smead Capital Management Inc. acquired a new position in shares of M&T Bank during the 4th quarter worth about $59,418,000. Finally, Rafferty Asset Management LLC grew its position in shares of M&T Bank by 72.1% during the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after buying an additional 100,526 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Up 1.1 %

Shares of M&T Bank stock traded up $1.69 on Tuesday, reaching $151.51. 524,307 shares of the company were exchanged, compared to its average volume of 1,041,033. M&T Bank Co. has a one year low of $108.53 and a one year high of $156.65. The company has a market capitalization of $25.28 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 2.97 and a beta of 0.77. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $148.32 and a 200 day moving average of $142.02.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the company earned $4.09 EPS. On average, equities research analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.56%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Transactions at M&T Bank

In related news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the completion of the sale, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock worth $14,724,147 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MTB shares. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Royal Bank of Canada restated an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $170.00 target price on shares of M&T Bank in a research report on Thursday, June 27th. Bank of America boosted their price objective on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $164.00 price objective on shares of M&T Bank in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $161.51.

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.