Sanctuary Advisors LLC Makes New $2.01 Million Investment in M&T Bank Co. (NYSE:MTB)

Sanctuary Advisors LLC bought a new stake in shares of M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,749 shares of the financial services provider’s stock, valued at approximately $2,013,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MTB. Clearbridge Investments LLC boosted its position in M&T Bank by 1.1% during the 2nd quarter. Clearbridge Investments LLC now owns 353,497 shares of the financial services provider’s stock valued at $53,505,000 after purchasing an additional 3,771 shares during the period. Kimelman & Baird LLC acquired a new position in shares of M&T Bank during the second quarter valued at $4,546,000. NewEdge Advisors LLC grew its position in shares of M&T Bank by 7.5% during the second quarter. NewEdge Advisors LLC now owns 15,158 shares of the financial services provider’s stock worth $2,294,000 after acquiring an additional 1,062 shares during the last quarter. Creative Planning increased its holdings in shares of M&T Bank by 7.4% in the 2nd quarter. Creative Planning now owns 26,925 shares of the financial services provider’s stock worth $4,075,000 after acquiring an additional 1,844 shares during the period. Finally, Ascent Group LLC lifted its position in M&T Bank by 15.7% in the 2nd quarter. Ascent Group LLC now owns 13,838 shares of the financial services provider’s stock valued at $2,095,000 after purchasing an additional 1,878 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other news, Director Denis J. Salamone sold 10,000 shares of M&T Bank 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 of the company’s stock, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kirk W. Walters sold 7,464 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the transaction, the director now owns 15,045 shares in the company, valued at $2,617,378.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

NYSE:MTB opened at $177.52 on Wednesday. The company has a 50-day moving average of $168.96 and a 200-day moving average of $156.14. The firm has a market cap of $29.62 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth 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 Co. has a twelve month low of $108.53 and a twelve month high of $180.63.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The firm 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 firm posted $5.12 earnings per share. Analysts forecast that M&T Bank Co. will post 14.23 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 3.04%. M&T Bank’s payout ratio is presently 36.51%.

Analysts Set New Price Targets

MTB has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Royal Bank of Canada raised their target price on M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Wells Fargo & Company lowered M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. Jefferies Financial Group increased their price target on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Wedbush lifted their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $185.75.

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.