Vest Financial LLC Acquires 9,377 Shares of M&T Bank Corporation $MTB

Vest Financial LLC lifted its holdings in M&T Bank Corporation (NYSE:MTB) by 35.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 36,034 shares of the financial services provider’s stock after purchasing an additional 9,377 shares during the quarter. Vest Financial LLC’s holdings in M&T Bank were worth $7,841,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in M&T Bank during the second quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after purchasing an additional 26,486 shares during the period. Davis Asset Management L.P. purchased a new stake in shares of M&T Bank in the second quarter valued at approximately $97,584,000. Hsbc Holdings PLC increased its position in shares of M&T Bank by 18.9% in the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after buying an additional 62,877 shares in the last quarter. Finally, Amundi increased its position in shares of M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after buying an additional 27,795 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, CEO René Jones sold 19,396 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This trade represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 20,028 shares of company stock worth $4,794,884. Company insiders own 0.44% of the company’s stock.

M&T Bank Trading Up 1.3%

Shares of M&T Bank stock opened at $222.45 on Friday. The firm has a market capitalization of $32.13 billion, a PE ratio of 11.36, a P/E/G ratio of 1.27 and a beta of 0.61. M&T Bank Corporation has a twelve month low of $179.32 and a twelve month high of $255.95. The firm’s 50-day moving average price is $229.26 and its 200 day moving average price is $228.98. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.53 billion. During the same period in the previous year, the firm posted $4.82 EPS. On average, sell-side analysts predict that M&T Bank Corporation will post 19.48 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio is presently 31.32%.

Analyst Ratings Changes

MTB has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their target price on M&T Bank from $265.50 to $248.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Morgan Stanley decreased their target price on M&T Bank from $301.00 to $294.00 and set an “overweight” rating on the stock in a research report on Monday. Robert W. Baird lifted their price target on shares of M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Evercore set a $230.00 price target on shares of M&T Bank in a report on Thursday, October 1st. Finally, Truist Financial reduced their price objective on shares of M&T Bank from $250.00 to $235.00 and set a “hold” rating for the company in a research report on Tuesday. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $247.12.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.