Atlantic Union Bankshares Corp Takes Position in M&T Bank Co. (NYSE:MTB)

Atlantic Union Bankshares Corp bought a new position in M&T Bank Co. (NYSE:MTB) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 1,230 shares of the financial services provider’s stock, valued at approximately $219,000.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. Marshall Wace LLP lifted its position in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after purchasing an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of M&T Bank by 77.0% during the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of M&T Bank by 30.8% in the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock worth $106,871,000 after buying an additional 141,337 shares during the period. 84.68% of the stock is owned by institutional investors.

Insider Activity at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 18.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the sale, the executive vice president now directly owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. The trade was a 20.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,504 shares of company stock valued at $18,394,012. 0.82% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MTB shares. DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wedbush boosted their price target on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Wells Fargo & Company increased their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, Evercore ISI lifted their price objective on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $206.41.

M&T Bank Price Performance

Shares of MTB opened at $219.99 on Friday. M&T Bank Co. has a fifty-two week low of $125.61 and a fifty-two week high of $225.70. The firm’s 50-day simple moving average is $196.45 and its two-hundred day simple moving average is $171.98. The stock has a market cap of $36.50 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its quarterly 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 company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Analysts anticipate that M&T Bank Co. will post 14.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

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.