John G Ullman & Associates Inc. Invests $553,000 in M&T Bank Co. (NYSE:MTB)

John G Ullman & Associates Inc. purchased a new stake in M&T Bank Co. (NYSE:MTB) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,106 shares of the financial services provider’s stock, valued at approximately $553,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. O Shaughnessy Asset Management LLC increased its holdings in shares of M&T Bank by 72.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 19,139 shares of the financial services provider’s stock worth $2,784,000 after buying an additional 8,072 shares during the last quarter. Seven Eight Capital LP acquired a new stake in M&T Bank during the first quarter worth $598,000. UniSuper Management Pty Ltd raised its position in M&T Bank by 1,132.9% in the first quarter. UniSuper Management Pty Ltd now owns 6,177 shares of the financial services provider’s stock valued at $898,000 after purchasing an additional 5,676 shares during the period. Bessemer Group Inc. lifted its stake in shares of M&T Bank by 9.4% in the 1st quarter. Bessemer Group Inc. now owns 27,014 shares of the financial services provider’s stock valued at $3,930,000 after purchasing an additional 2,330 shares during the last quarter. Finally, Lake Street Advisors Group LLC grew its holdings in shares of M&T Bank by 7.1% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,938 shares of the financial services provider’s stock worth $427,000 after purchasing an additional 196 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MTB. Bank of America upped their target price on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research note on Friday, October 4th. DA Davidson boosted their price objective on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Evercore ISI raised their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Wedbush boosted their price target on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $199.65.

M&T Bank Stock Performance

NYSE:MTB opened at $213.52 on Thursday. The firm has a market capitalization of $35.43 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 3.01 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The business’s fifty day moving average price is $189.91 and its 200 day moving average price is $168.63. M&T Bank Co. has a 12 month low of $123.46 and a 12 month high of $216.84.

M&T Bank (NYSE:MTB) last issued its earnings results 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. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, sell-side analysts anticipate 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 will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is currently 39.97%.

Insider Activity at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 44,902 shares in the company, valued at $7,724,491.06. The trade was a 18.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the sale, the director now owns 29,796 shares of the company’s stock, valued at $5,899,608. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,383 shares of company stock valued at $13,576,801 in the last three months. 0.82% of the stock is currently owned by company insiders.

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.