Applied Capital LLC FL Buys New Position in M&T Bank Co. (NYSE:MTB)

Applied Capital LLC FL bought a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 1st quarter, HoldingsChannel.com reports. The fund bought 27,974 shares of the financial services provider’s stock, valued at approximately $4,069,000. M&T Bank makes up about 3.3% of Applied Capital LLC FL’s holdings, making the stock its 3rd largest position.

Several other hedge funds also recently modified their holdings of the stock. GSA Capital Partners LLP bought a new stake in M&T Bank during the third quarter worth $833,000. Stevens Capital Management LP bought a new stake in M&T Bank during the fourth quarter worth $320,000. Matrix Asset Advisors Inc. NY lifted its holdings in M&T Bank by 15.7% during the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after acquiring an additional 12,590 shares during the period. Smead Capital Management Inc. bought a new stake in M&T Bank during the fourth quarter worth $59,418,000. Finally, Rafferty Asset Management LLC lifted its holdings in M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after acquiring an additional 100,526 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their price target on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a report on Tuesday, June 4th. Royal Bank of Canada restated an “outperform” rating and issued a $160.00 target price on shares of M&T Bank in a research note on Tuesday, April 16th. Piper Sandler restated an “overweight” rating and issued a $164.00 target price on shares of M&T Bank in a research note on Friday, June 21st. Bank of America boosted their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, Wedbush restated an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $161.51.

M&T Bank Price Performance

M&T Bank stock traded up $1.69 during midday trading on Tuesday, hitting $151.51. 524,307 shares of the company’s stock were exchanged, compared to its average volume of 1,041,033. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $156.65. The stock has a 50-day moving average price of $148.32 and a two-hundred day moving average price of $142.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $25.28 billion, a P/E ratio of 10.21, a PEG ratio of 2.97 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the firm earned $4.09 earnings per share. On average, equities research analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a $1.35 dividend. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Transactions at M&T Bank

In related news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the transaction, the director now owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The disclosure for this sale can be found here. In the last three months, insiders sold 97,553 shares of company stock worth $14,724,147. 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.