Lummis Asset Management LP Takes Position in M&T Bank Co. (NYSE:MTB)

Lummis Asset Management LP acquired a new stake in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 780 shares of the financial services provider’s stock, valued at approximately $139,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of M&T Bank by 7.0% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,279 shares of the financial services provider’s stock valued at $762,000 after buying an additional 280 shares during the period. Metis Global Partners LLC increased its stake in shares of M&T Bank by 4.2% in the third quarter. Metis Global Partners LLC now owns 6,822 shares of the financial services provider’s stock valued at $1,215,000 after buying an additional 278 shares during the period. Curi RMB Capital LLC increased its stake in shares of M&T Bank by 1.9% in the third quarter. Curi RMB Capital LLC now owns 46,404 shares of the financial services provider’s stock valued at $8,265,000 after buying an additional 854 shares during the period. Huntington National Bank increased its stake in shares of M&T Bank by 10.6% in the third quarter. Huntington National Bank now owns 314,114 shares of the financial services provider’s stock valued at $55,950,000 after buying an additional 30,075 shares during the period. Finally, Plato Investment Management Ltd boosted its holdings in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Royal Bank of Canada upped their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Piper Sandler upped their target price on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Citigroup upped their target price on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group raised their price objective on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $198.76.

M&T Bank Stock Up 0.4 %

MTB traded up $0.81 during trading on Thursday, hitting $212.74. 26,585 shares of the company’s stock were exchanged, compared to its average volume of 1,044,378. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The business’s 50 day moving average is $185.26 and its two-hundred day moving average is $166.25. M&T Bank Co. has a fifty-two week low of $123.37 and a fifty-two week high of $216.84. The stock has a market cap of $35.30 billion, a P/E ratio of 15.69, a PEG ratio of 3.00 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. As a group, equities analysts expect that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.54%. M&T Bank’s payout ratio is 39.97%.

Insider Transactions at M&T Bank

In other news, Director Kirk W. Walters sold 1,590 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the completion of the transaction, the director now directly owns 2,108 shares of the company’s stock, valued at $443,143.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kirk W. Walters sold 1,590 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the transaction, the director now directly owns 2,108 shares of the company’s stock, valued at approximately $443,143.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,068 shares of company stock worth $12,612,905 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank 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.