GAMMA Investing LLC Increases Holdings in M&T Bank Co. (NYSE:MTB)

GAMMA Investing LLC raised its holdings in shares of M&T Bank Co. (NYSE:MTB) by 70.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,610 shares of the financial services provider’s stock after purchasing an additional 1,076 shares during the period. GAMMA Investing LLC’s holdings in M&T Bank were worth $395,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in MTB. DAVENPORT & Co LLC increased its position in shares of M&T Bank by 4.4% in the 4th quarter. DAVENPORT & Co LLC now owns 3,276 shares of the financial services provider’s stock valued at $449,000 after acquiring an additional 139 shares during the period. Arizona State Retirement System boosted its stake in shares of M&T Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 45,609 shares of the financial services provider’s stock worth $6,252,000 after acquiring an additional 356 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth about $11,759,000. Prime Capital Investment Advisors LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth about $227,000. Finally, Tritonpoint Wealth LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth about $513,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In other news, Director Kirk W. Walters sold 7,767 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $152.39, for a total transaction of $1,183,613.13. Following the transaction, the director now directly owns 6,348 shares in the company, valued at $967,371.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Kirk W. Walters sold 7,767 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $152.39, for a total transaction of $1,183,613.13. Following the sale, the director now owns 6,348 shares of the company’s stock, valued at $967,371.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. Insiders have sold a total of 61,986 shares of company stock worth $9,730,154 over the last ninety days. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Royal Bank of Canada raised their price target on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Citigroup lifted their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Bank of America lifted their price objective on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. DA Davidson lifted their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Finally, Piper Sandler lifted their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $172.92.

M&T Bank Stock Performance

Shares of M&T Bank stock traded down $2.31 on Monday, reaching $159.98. 639,330 shares of the stock were exchanged, compared to its average volume of 1,041,998. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $176.44. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The business has a fifty day moving average price of $154.10 and a two-hundred day moving average price of $146.36. The firm has a market capitalization of $26.69 billion, a PE ratio of 10.89, a PEG ratio of 3.34 and a beta of 0.77.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the business posted $5.12 earnings per share. As a group, research analysts anticipate that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.38%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. 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.