Resources Management Corp CT ADV Cuts Holdings in M&T Bank Co. (NYSE:MTB)

Resources Management Corp CT ADV trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,164 shares of the financial services provider’s stock after selling 75 shares during the period. Resources Management Corp CT ADV’s holdings in M&T Bank were worth $933,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MTB. Los Angeles Capital Management LLC boosted its stake in M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares during the last quarter. Bank of Nova Scotia boosted its stake in 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 valued at $28,154,000 after purchasing an additional 189,038 shares during the last quarter. Vest Financial LLC purchased a new stake in M&T Bank during the 1st quarter valued at $18,147,000. Rafferty Asset Management LLC boosted its stake in M&T Bank by 72.1% during the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after purchasing an additional 100,526 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in M&T Bank by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after purchasing an additional 93,113 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on MTB shares. Citigroup increased their target price on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Bank of America raised their price target on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Royal Bank of Canada raised their price target on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler raised their price target on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, DA Davidson raised their price target on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $175.85.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the transaction, the insider now owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Denis J. Salamone sold 10,000 shares of the company’s 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 transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock worth $5,115,349 over the last ninety days. Company insiders own 0.82% of the company’s stock.

M&T Bank Trading Down 1.1 %

Shares of MTB stock opened at $177.62 on Tuesday. The stock has a market capitalization of $29.64 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 3.32 and a beta of 0.76. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $180.63. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average price is $167.85 and its 200-day moving average price is $153.83.

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. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the business posted $5.12 earnings per share. Equities research analysts predict that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 dividend on an annualized basis and a yield of 3.04%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

M&T Bank Company 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.