M&T Bank Corporation (NYSE:MTB) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its position in shares of M&T Bank Corporation (NYSE:MTB) by 12.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,028 shares of the financial services provider’s stock after purchasing an additional 544 shares during the period. Ritholtz Wealth Management’s holdings in M&T Bank were worth $899,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth about $29,000. Banque Transatlantique SA acquired a new stake in shares of M&T Bank during the fourth quarter worth about $38,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth about $44,000. Loomis Sayles & Co. L P acquired a new stake in shares of M&T Bank during the fourth quarter worth about $52,000. Finally, Investors Research Corp increased its position in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 70 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $178.16 on Wednesday. The firm has a 50 day moving average of $175.42 and a 200-day moving average of $184.75. M&T Bank Corporation has a 12-month low of $144.63 and a 12-month high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The company has a market cap of $28.60 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 1.31 and a beta of 0.62.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business posted $3.09 earnings per share. As a group, equities analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.03%. M&T Bank’s payout ratio is 36.17%.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director now directly owns 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research reports. Truist Financial lowered their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Piper Sandler lowered their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company lowered their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley lowered their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Evercore ISI lowered their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $212.53.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.