Parallel Advisors LLC Has $650,000 Stock Holdings in M&T Bank Co. (NYSE:MTB)

Parallel Advisors LLC raised its stake in shares of M&T Bank Co. (NYSE:MTB) by 8.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,293 shares of the financial services provider’s stock after buying an additional 331 shares during the period. Parallel Advisors LLC’s holdings in M&T Bank were worth $650,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in M&T Bank during the fourth quarter worth $232,322,000. Los Angeles Capital Management LLC raised its holdings in M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the period. Bank of Nova Scotia lifted its position in shares of M&T Bank by 1,155.9% during the 4th quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock worth $28,154,000 after purchasing an additional 189,038 shares during the last quarter. BNP Paribas Asset Management Holding S.A. boosted its position in shares of M&T Bank by 643.3% in the fourth quarter. BNP Paribas Asset Management Holding S.A. now owns 165,883 shares of the financial services provider’s stock valued at $22,739,000 after acquiring an additional 143,565 shares during the period. Finally, Vest Financial LLC acquired a new stake in M&T Bank in the 1st quarter worth $18,147,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Wells Fargo & Company cut M&T Bank from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $170.00 to $165.00 in a report on Thursday, August 15th. 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 report on Friday, July 19th. Evercore ISI boosted their price target on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Finally, Morgan Stanley upped their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $175.85.

M&T Bank Stock Performance

NYSE MTB opened at $173.13 on Tuesday. The firm’s fifty day moving average price is $165.57 and its two-hundred day moving average price is $152.57. The stock has a market cap of $28.89 billion, a PE 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 quick ratio of 1.00 and a current ratio of 1.00. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $176.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) 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 analyst estimates 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 quarter last year, the business earned $5.12 EPS. On average, equities analysts expect that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given 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 3.12%. M&T Bank’s payout ratio is 36.51%.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction 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 owns 44,902 shares in the company, valued at approximately $7,724,491.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares of the company’s stock, valued at $502,184.40. The transaction was disclosed in a legal filing with the SEC, which is available at 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 value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock valued at $5,115,349 over the last 90 days. Company insiders own 0.82% of the company’s stock.

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.