M&T Bank Co. (NYSE:MTB) Stake Boosted by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC increased its stake in M&T Bank Co. (NYSE:MTB) by 77.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 733,304 shares of the financial services provider’s stock after acquiring an additional 319,051 shares during the period. Los Angeles Capital Management LLC’s holdings in M&T Bank were worth $110,993,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of MTB. Commonwealth Retirement Investments LLC increased its stake in shares of M&T Bank by 34.7% in the second quarter. Commonwealth Retirement Investments LLC now owns 13,340 shares of the financial services provider’s stock valued at $2,019,000 after purchasing an additional 3,438 shares during the period. Candriam S.C.A. raised its stake in M&T Bank by 66.7% during the 2nd quarter. Candriam S.C.A. now owns 156,645 shares of the financial services provider’s stock valued at $23,709,000 after acquiring an additional 62,702 shares in the last quarter. Private Advisor Group LLC boosted its position in M&T Bank by 1.8% during the 2nd quarter. Private Advisor Group LLC now owns 26,820 shares of the financial services provider’s stock worth $4,061,000 after acquiring an additional 479 shares during the period. Farmers & Merchants Investments Inc. grew its stake in shares of M&T Bank by 4,193.7% in the second quarter. Farmers & Merchants Investments Inc. now owns 4,766 shares of the financial services provider’s stock worth $721,000 after purchasing an additional 4,655 shares in the last quarter. Finally, Synergy Asset Management LLC increased its holdings in shares of M&T Bank by 1.7% during the second quarter. Synergy Asset Management LLC now owns 19,195 shares of the financial services provider’s stock valued at $2,905,000 after purchasing an additional 317 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 1.4 %

Shares of NYSE MTB traded down $2.29 during mid-day trading on Friday, reaching $166.51. The company had a trading volume of 1,021,386 shares, compared to its average volume of 1,013,521. The stock has a fifty day moving average of $163.27 and a two-hundred day moving average of $151.09. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $176.44. The company has a market capitalization of $27.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.45 and a beta of 0.77. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the company posted $5.12 EPS. As a group, equities research analysts expect that M&T Bank Co. will post 14.24 EPS for the current year.

M&T Bank Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Citigroup increased their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Morgan Stanley boosted their target price on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Jefferies Financial Group lifted their price target on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler upped their price objective on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Finally, Bank of America lifted their target price on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average target price of $175.85.

Insider Activity at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of M&T Bank 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 completion of the sale, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is owned by corporate insiders.

About M&T Bank

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.