M&T Bank Co. (NYSE:MTB) Shares Bought by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC grew its stake in shares of M&T Bank Co. (NYSE:MTB) by 13.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,804 shares of the financial services provider’s stock after acquiring an additional 462 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in M&T Bank were worth $575,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in M&T Bank by 8.4% in the 2nd quarter. Parallel Advisors LLC now owns 4,293 shares of the financial services provider’s stock worth $650,000 after buying an additional 331 shares during the period. Westover Capital Advisors LLC purchased a new stake in M&T Bank in the second quarter valued at $394,000. HBK Sorce Advisory LLC grew its position in M&T Bank by 2.3% during the 2nd quarter. HBK Sorce Advisory LLC now owns 24,699 shares of the financial services provider’s stock worth $3,738,000 after purchasing an additional 559 shares during the period. Meeder Advisory Services Inc. raised its stake in shares of M&T Bank by 42.7% during the 2nd quarter. Meeder Advisory Services Inc. now owns 2,682 shares of the financial services provider’s stock valued at $406,000 after buying an additional 803 shares during the last quarter. Finally, Vest Financial LLC boosted its stake in shares of M&T Bank by 19.1% in the second quarter. Vest Financial LLC now owns 148,585 shares of the financial services provider’s stock worth $22,490,000 after buying an additional 23,815 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $170.00 to $165.00 in a report on Thursday, August 15th. Keefe, Bruyette & Woods lifted their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. Citigroup increased their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Morgan Stanley lifted their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $175.85.

M&T Bank Stock Performance

NYSE:MTB opened at $173.13 on Tuesday. The company’s 50-day moving average is $165.57 and its two-hundred day moving average is $152.57. The firm has a market capitalization of $28.89 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 3.32 and a beta of 0.76. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $176.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period last year, the business earned $5.12 earnings per share. Analysts forecast that M&T Bank Co. will post 14.24 EPS for the current year.

M&T Bank Announces Dividend

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 given a dividend of $1.35 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.12%. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Activity at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the sale, the insider now owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is currently owned by company insiders.

M&T Bank 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.