Wealth Enhancement Advisory Services LLC Raises Stock Position in M&T Bank Co. (NYSE:MTB)

Wealth Enhancement Advisory Services LLC boosted its stake in M&T Bank Co. (NYSE:MTB) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,774 shares of the financial services provider’s stock after purchasing an additional 1,468 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in M&T Bank were worth $3,166,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Plato Investment Management Ltd raised its position in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC bought a new position in M&T Bank in the 3rd quarter worth $32,000. Hexagon Capital Partners LLC lifted its position in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 158 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in M&T Bank in the third quarter worth about $44,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

MTB stock opened at $194.82 on Wednesday. The company has a fifty day simple moving average of $203.21 and a two-hundred day simple moving average of $182.94. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. 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 firm has a market capitalization of $32.32 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 2.79 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. Analysts anticipate that M&T Bank Co. will post 14.63 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity at M&T Bank

In other news, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,994 shares of company stock worth $17,211,278. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Wells Fargo & Company raised their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Finally, Barclays lifted their target price on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $216.86.

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.