Bessemer Group Inc. Acquires 2,330 Shares of M&T Bank Co. (NYSE:MTB)

Bessemer Group Inc. lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 9.4% in the first quarter, Holdings Channel.com reports. The fund owned 27,014 shares of the financial services provider’s stock after purchasing an additional 2,330 shares during the quarter. Bessemer Group Inc.’s holdings in M&T Bank were worth $3,930,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Leuthold Group LLC bought a new position in shares of M&T Bank during the 1st quarter worth about $3,125,000. Stevens Capital Management LP bought a new position in shares of M&T Bank during the 4th quarter worth about $320,000. Matrix Asset Advisors Inc. NY lifted its holdings in shares of M&T Bank by 15.7% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after acquiring an additional 12,590 shares during the period. Smead Capital Management Inc. bought a new position in shares of M&T Bank during the 4th quarter worth about $59,418,000. Finally, Rafferty Asset Management LLC lifted its holdings in shares of M&T Bank by 72.1% during the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after acquiring an additional 100,526 shares during the period. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTB. Wells Fargo & Company lifted their price target on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Jefferies Financial Group lifted their price target on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Citigroup lifted their price target on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. JPMorgan Chase & Co. lifted their price target on shares of M&T Bank from $180.00 to $183.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Piper Sandler lifted their price target on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $170.35.

M&T Bank Trading Down 0.3 %

Shares of MTB traded down $0.49 on Wednesday, reaching $171.68. 1,281,546 shares of the company’s stock were exchanged, compared to its average volume of 1,047,986. 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 stock has a market capitalization of $28.64 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 4.42 and a beta of 0.77. The business has a 50 day moving average price of $151.17 and a two-hundred day moving average price of $144.31. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $175.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The business 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. Research analysts anticipate that M&T Bank Co. will post 14.12 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors 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 3.15%. This is an increase 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%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other M&T Bank news, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $147.00, for a total value of $1,963,920.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,215,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Barnes sold 10,000 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the completion of the sale, the director now 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 90 days, insiders sold 95,915 shares of company stock valued at $14,497,759. Corporate insiders own 0.82% of the company’s stock.

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.