Commonwealth Equity Services LLC Purchases 3,676 Shares of M&T Bank Co. (NYSE:MTB)

Commonwealth Equity Services LLC grew its position in M&T Bank Co. (NYSE:MTBGet Rating) by 9.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,616 shares of the financial services provider’s stock after purchasing an additional 3,676 shares during the quarter. Commonwealth Equity Services LLC’s holdings in M&T Bank were worth $7,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of MTB. National Bank of Canada FI bought a new position in shares of M&T Bank in the fourth quarter worth approximately $80,000. Janney Montgomery Scott LLC boosted its position in shares of M&T Bank by 0.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 31,071 shares of the financial services provider’s stock worth $4,772,000 after acquiring an additional 263 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of M&T Bank during the fourth quarter worth $2,063,000. State of New Jersey Common Pension Fund D boosted its position in shares of M&T Bank by 1.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 67,489 shares of the financial services provider’s stock worth $10,365,000 after acquiring an additional 696 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. boosted its position in shares of M&T Bank by 14.5% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 9,318 shares of the financial services provider’s stock worth $1,431,000 after acquiring an additional 1,177 shares during the last quarter. 87.61% of the stock is currently owned by institutional investors.

M&T Bank Trading Down 0.8 %

Shares of MTB opened at $176.09 on Tuesday. M&T Bank Co. has a twelve month low of $131.29 and a twelve month high of $186.95. The company has a market cap of $31.59 billion, a P/E ratio of 16.37, a P/E/G ratio of 0.81 and a beta of 0.91. The company has a current ratio of 0.93, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $167.10 and its 200-day simple moving average is $170.85.

M&T Bank (NYSE:MTBGet Rating) last posted its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $2.75 by ($1.67). M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. During the same quarter in the previous year, the company posted $3.45 earnings per share. As a group, analysts expect that M&T Bank Co. will post 14.86 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 1st were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Tuesday, May 31st. M&T Bank’s dividend payout ratio is presently 44.61%.

M&T Bank declared that its board has approved a share repurchase plan on Tuesday, July 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 9.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTB. Citigroup upped their target price on shares of M&T Bank to $200.00 in a research report on Friday, July 22nd. Jefferies Financial Group dropped their target price on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a research report on Monday, July 11th. Piper Sandler increased their price objective on shares of M&T Bank from $200.00 to $210.00 in a research report on Wednesday, April 20th. Robert W. Baird upgraded shares of M&T Bank from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $175.00 to $200.00 in a research report on Friday, June 17th. Finally, Barclays lowered their price objective on shares of M&T Bank from $280.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, July 21st. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.71.

Insider Buying and Selling

In related news, EVP Robert J. Bojdak sold 525 shares of the firm’s stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the transaction, the executive vice president now owns 19,075 shares of the company’s stock, valued at approximately $3,391,916.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Robert J. Bojdak sold 525 shares of the firm’s stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the transaction, the executive vice president now owns 19,075 shares of the company’s stock, valued at approximately $3,391,916.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Kevin J. Pearson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now directly owns 39,008 shares in the company, valued at approximately $6,620,047.68. The disclosure for this sale can be found here. Insiders have sold 7,725 shares of company stock valued at $1,335,332 in the last 90 days. Company insiders own 0.73% of the company’s stock.

About M&T Bank

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

See Also

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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