Clearbridge Investments LLC Buys 4,733 Shares of M&T Bank Co. (NYSE:MTB)

Clearbridge Investments LLC grew its stake in M&T Bank Co. (NYSE:MTB) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 349,726 shares of the financial services provider’s stock after purchasing an additional 4,733 shares during the quarter. Clearbridge Investments LLC owned approximately 0.21% of M&T Bank worth $50,864,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. HHM Wealth Advisors LLC bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $25,000. General Partner Inc. bought a new position in shares of M&T Bank in the first quarter valued at approximately $27,000. Fidelis Capital Partners LLC bought a new position in shares of M&T Bank in the first quarter valued at approximately $30,000. BKM Wealth Management LLC bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $32,000. Finally, CVA Family Office LLC bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $33,000. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the topic of a number of recent research reports. Jefferies Financial Group raised their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Wedbush reaffirmed an “outperform” rating and set a $170.00 price target on shares of M&T Bank in a research report on Wednesday, April 10th. Citigroup increased their price target on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday. Bank of America increased their price target on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research report on Monday. Finally, Royal Bank of Canada increased their price target on M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Friday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus target price of $170.35.

Insider Activity

In other news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $147.11, for a total value of $1,471,100.00. Following the completion of the transaction, the director now directly owns 34,545 shares in the company, valued at $5,081,914.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the sale, the director now directly owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,915 shares of company stock worth $14,497,759. 0.82% of the stock is owned by corporate insiders.

M&T Bank Stock Performance

NYSE:MTB traded up $1.30 during trading hours on Tuesday, reaching $172.17. The stock had a trading volume of 1,632,875 shares, compared to its average volume of 1,046,159. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The stock has a 50 day simple moving average of $151.17 and a 200 day simple moving average of $144.31. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $175.00. The stock has a market cap of $28.73 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 3.85 and a beta of 0.77.

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. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the previous year, the business earned $5.12 earnings per share. On average, research analysts forecast that M&T Bank Co. will post 13.95 EPS for the current fiscal year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.14%. M&T Bank’s payout ratio is 36.51%.

M&T Bank 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.