Shell Asset Management Co. Acquires 2,559 Shares of M&T Bank Co. (NYSE:MTB)

Shell Asset Management Co. lifted its stake in M&T Bank Co. (NYSE:MTB) by 349.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,292 shares of the financial services provider’s stock after purchasing an additional 2,559 shares during the quarter. Shell Asset Management Co.’s holdings in M&T Bank were worth $479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the business. HHM Wealth Advisors LLC bought a new position in M&T Bank in the 4th quarter worth approximately $25,000. General Partner Inc. purchased a new stake in M&T Bank during the 1st quarter valued at $27,000. Fidelis Capital Partners LLC purchased a new stake in M&T Bank in the first quarter worth $30,000. Planned Solutions Inc. purchased a new stake in M&T Bank in the fourth quarter worth $33,000. Finally, CVA Family Office LLC bought a new position in shares of M&T Bank during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other M&T Bank news, Director John P. Barnes sold 13,360 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,215,560. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,415 shares of company stock worth $13,285,139. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Performance

NYSE:MTB traded up $0.16 during mid-day trading on Friday, reaching $173.67. 282,238 shares of the stock were exchanged, compared to its average volume of 1,042,695. The company has a 50 day simple moving average of $151.91 and a 200-day simple moving average of $144.70. The stock has a market capitalization of $28.98 billion, a P/E ratio of 11.73, a P/E/G ratio of 4.42 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating the consensus estimate of $3.50 by $0.23. The business 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 last year, the firm earned $5.12 EPS. Analysts anticipate that M&T Bank Co. will post 14.16 earnings per share 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 issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.11%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s payout ratio is 36.51%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MTB shares. Wells Fargo & Company raised their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. DA Davidson raised 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. Royal Bank of Canada lifted their price target on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Citigroup boosted their price objective on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Bank of America boosted their price objective on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $170.35.

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.