HBK Sorce Advisory LLC Acquires 559 Shares of M&T Bank Co. (NYSE:MTB)

HBK Sorce Advisory LLC grew its holdings in M&T Bank Co. (NYSE:MTB) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,699 shares of the financial services provider’s stock after purchasing an additional 559 shares during the quarter. HBK Sorce Advisory LLC’s holdings in M&T Bank were worth $3,738,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. General Partner Inc. bought a new position in M&T Bank in the first quarter worth approximately $27,000. Fidelis Capital Partners LLC bought a new stake in M&T Bank during the first quarter valued at about $30,000. Principal Securities Inc. bought a new stake in M&T Bank during the fourth quarter valued at about $34,000. Oakworth Capital Inc. bought a new position in M&T Bank in the second quarter worth about $35,000. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in M&T Bank by 677.4% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 359 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $165.68 on Friday. The company has a 50 day simple moving average of $164.62 and a two-hundred day simple moving average of $151.91. The stock has a market cap of $27.64 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 3.32 and a beta of 0.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44.

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.26%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTB. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Jefferies Financial Group lifted their price target on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods increased their price objective on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $170.00 to $165.00 in a research note on Thursday, August 15th. Finally, Evercore ISI increased their price target on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $175.85.

Insider Activity at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the sale, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were 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 of the company’s stock, valued at approximately $5,476,225.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now owns 15,045 shares in the company, valued at $2,617,378.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by corporate insiders.

About M&T Bank

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.