City Center Advisors LLC Invests $234,000 in M&T Bank Co. (NYSE:MTB)

City Center Advisors LLC bought a new position in shares of M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,311 shares of the financial services provider’s stock, valued at approximately $234,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ontario Teachers Pension Plan Board boosted its stake in shares of M&T Bank by 43.1% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares during the period. Leuthold Group LLC bought a new stake in M&T Bank in the 1st quarter valued at $3,125,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in M&T Bank by 7.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the period. Finally, Sierra Summit Advisors LLC bought a new stake in M&T Bank in the 4th quarter valued at $6,438,000. 84.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on MTB shares. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Morgan Stanley lifted their price objective on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Piper Sandler lifted 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. Citigroup lifted their price objective on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, DA Davidson lifted their price objective on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $185.75.

Insider Buying and Selling

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares in the company, valued at $5,476,225.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’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 transaction, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,699 shares of company stock worth $5,115,349 in the last 90 days. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB opened at $177.52 on Wednesday. The stock has a 50 day moving average of $168.96 and a 200 day moving average of $156.14. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $180.63. The company has a market capitalization of $29.62 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 3.55 and a beta of 0.75. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

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 the consensus estimate 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 company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the business earned $5.12 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 14.23 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.04%. M&T Bank’s dividend payout ratio (DPR) is 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.