Empowered Funds LLC Buys 245 Shares of M&T Bank Co. (NYSE:MTB)

Empowered Funds LLC grew its position in M&T Bank Co. (NYSE:MTB) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,767 shares of the financial services provider’s stock after purchasing an additional 245 shares during the period. Empowered Funds LLC’s holdings in M&T Bank were worth $493,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in M&T Bank by 6.1% in the first quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock worth $3,831,000 after purchasing an additional 1,504 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in M&T Bank in the 1st quarter valued at about $9,479,000. B. Riley Wealth Advisors Inc. raised its stake in shares of M&T Bank by 18.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock worth $841,000 after acquiring an additional 915 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of M&T Bank by 1.6% during the first quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock worth $40,174,000 after purchasing an additional 4,343 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock valued at $13,576,801 over the last quarter. 0.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MTB. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. Royal Bank of Canada lifted their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Bank of America upped their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays raised their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company boosted their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $199.65.

M&T Bank Stock Performance

Shares of MTB stock opened at $221.12 on Monday. M&T Bank Co. has a 12 month low of $123.46 and a 12 month high of $221.52. The firm has a market cap of $36.69 billion, a PE ratio of 16.37, a P/E/G ratio of 3.05 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company’s fifty day simple moving average is $191.98 and its 200-day simple moving average is $169.74.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Equities research analysts expect that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.44%. M&T Bank’s payout ratio is presently 39.97%.

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.