Empirical Finance LLC Has $950,000 Position in M&T Bank Co. (NYSE:MTB)

Empirical Finance LLC increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,334 shares of the financial services provider’s stock after purchasing an additional 137 shares during the quarter. Empirical Finance LLC’s holdings in M&T Bank were worth $950,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MTB. Sheaff Brock Investment Advisors LLC lifted its stake in shares of M&T Bank by 24.2% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 5,125 shares of the financial services provider’s stock valued at $913,000 after acquiring an additional 1,000 shares during the last quarter. CIBC Asset Management Inc increased its holdings in M&T Bank by 7.1% in the 3rd quarter. CIBC Asset Management Inc now owns 28,429 shares of the financial services provider’s stock worth $5,064,000 after purchasing an additional 1,882 shares in the last quarter. Lummis Asset Management LP bought a new position in M&T Bank in the third quarter valued at about $139,000. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of M&T Bank by 7.0% during 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 purchasing an additional 280 shares in the last quarter. Finally, Metis Global Partners LLC grew its holdings in shares of M&T Bank by 4.2% during the third quarter. Metis Global Partners LLC now owns 6,822 shares of the financial services provider’s stock worth $1,215,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 0.7 %

Shares of NYSE MTB opened at $214.74 on Friday. 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 firm has a market cap of $35.63 billion, a PE ratio of 15.89, a P/E/G ratio of 2.98 and a beta of 0.74. The company’s fifty day simple moving average is $187.11 and its 200 day simple moving average is $167.21. M&T Bank Co. has a 12-month low of $123.37 and a 12-month high of $216.84.

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 (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. As a group, sell-side analysts forecast 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 disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.51%. M&T Bank’s dividend payout ratio is 39.97%.

Insider Transactions at M&T Bank

In related news, Director Kirk W. Walters sold 2,471 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the sale, the director now owns 20,414 shares in the company, valued at $502,184.40. This represents a 10.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,854 shares of company stock valued at $13,637,588 over the last ninety days. 0.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Piper Sandler lifted their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Wells Fargo & Company increased their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday. Wedbush lifted their target price on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, Barclays increased their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $199.65.

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.