Arlington Trust Co LLC Acquires New Position in M&T Bank Co. (NYSE:MTB)

Arlington Trust Co LLC bought a new position in M&T Bank Co. (NYSE:MTB) during the second quarter, Holdings Channel.com reports. The fund bought 6,750 shares of the financial services provider’s stock, valued at approximately $1,022,000.

Other institutional investors have also modified their holdings of the company. Meeder Advisory Services Inc. raised its position in M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of M&T Bank by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 70 shares during the period. Umpqua Bank lifted its stake in shares of M&T Bank by 5.3% in the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 73 shares during the period. Fulton Bank N.A. boosted its holdings in M&T Bank by 2.3% during the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after buying an additional 81 shares in the last quarter. Finally, Tritonpoint Wealth LLC grew its position in M&T Bank by 2.3% during the first quarter. Tritonpoint Wealth LLC now owns 3,833 shares of the financial services provider’s stock valued at $510,000 after buying an additional 87 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction 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 owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. Insiders sold a total of 32,699 shares of company stock valued at $5,115,349 over the last quarter. 0.82% of the stock is owned by insiders.

Analysts Set New Price Targets

MTB has been the topic of several recent analyst reports. Evercore ISI increased their target price on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Piper Sandler increased their price target on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Royal Bank of Canada boosted their price objective on M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and increased their target price for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, DA Davidson boosted their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $175.85.

M&T Bank Stock Performance

MTB opened at $166.51 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $163.27 and its 200 day moving average price is $151.19. The firm has a market capitalization of $27.78 billion, a PE ratio of 11.26, a PEG ratio of 3.45 and a beta of 0.76. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $176.44.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the previous year, the company posted $5.12 earnings per share. As a group, sell-side analysts expect that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $1.35 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 3.24%. M&T Bank’s payout ratio is 36.51%.

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.