RNC Capital Management LLC Purchases 10,263 Shares of M&T Bank Co. (NYSE:MTB)

RNC Capital Management LLC boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 341,473 shares of the financial services provider’s stock after acquiring an additional 10,263 shares during the period. M&T Bank makes up approximately 2.8% of RNC Capital Management LLC’s holdings, making the stock its 15th largest holding. RNC Capital Management LLC owned approximately 0.21% of M&T Bank worth $46,809,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clear Street Markets LLC bought a new stake in shares of M&T Bank in the 4th quarter valued at approximately $25,000. Stonebridge Capital Advisors LLC grew its stake in shares of M&T Bank by 1,980.0% in the 2nd quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 198 shares during the period. RVW Wealth LLC bought a new stake in shares of M&T Bank in the 3rd quarter valued at approximately $27,000. Quarry LP bought a new stake in shares of M&T Bank in the 1st quarter valued at approximately $27,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of M&T Bank in the 1st quarter valued at approximately $27,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Up 2.5 %

NYSE:MTB opened at $144.80 on Thursday. The stock’s fifty day moving average price is $138.81 and its two-hundred day moving average price is $131.30. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $24.13 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 1.25 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $2.74 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.36). The company had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. During the same period last year, the company earned $4.57 EPS. On average, analysts anticipate that M&T Bank Co. will post 13.87 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 4th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is currently 32.95%.

Insider Activity

In related news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the sale, the director now owns 6,367 shares in the company, valued at approximately $923,215. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Doris P. Meister sold 3,961 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $143.60, for a total value of $568,799.60. Following the completion of the sale, the executive vice president now owns 5,000 shares in the company, valued at approximately $718,000. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The disclosure for this sale can be found here. Insiders have sold a total of 35,481 shares of company stock valued at $5,114,624 in the last 90 days. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTB. Barclays upped their price objective on M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. StockNews.com downgraded M&T Bank from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $160.00 target price on shares of M&T Bank in a report on Friday, January 19th. Deutsche Bank Aktiengesellschaft downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $145.00 target price on the stock. in a report on Monday, December 18th. Finally, Morgan Stanley boosted their target price on M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $149.71.

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.