Fiduciary Alliance LLC Makes New Investment in M&T Bank Co. (NYSE:MTB)

Fiduciary Alliance LLC bought a new stake in M&T Bank Co. (NYSE:MTB) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,048 shares of the financial services provider’s stock, valued at approximately $3,158,000.

Other institutional investors have also recently modified their holdings of the company. Cornerstone Wealth Group LLC purchased a new stake in shares of M&T Bank in the first quarter valued at $3,812,000. Grimes & Company Inc. grew its stake in shares of M&T Bank by 16.9% in the first quarter. Grimes & Company Inc. now owns 2,274 shares of the financial services provider’s stock valued at $331,000 after buying an additional 328 shares in the last quarter. Pasadena Private Wealth LLC purchased a new position in M&T Bank in the first quarter valued at about $206,000. Wealth Enhancement Advisory Services LLC boosted its holdings in M&T Bank by 5.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the financial services provider’s stock valued at $2,538,000 after purchasing an additional 967 shares during the last quarter. Finally, Visionary Horizons LLC bought a new position in M&T Bank during the 1st quarter worth approximately $413,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

MTB traded up $3.71 during trading on Friday, hitting $151.36. 1,989,882 shares of the stock traded hands, compared to its average volume of 757,229. The business has a 50 day moving average price of $148.32 and a 200 day moving average price of $142.00. The company has a market cap of $25.25 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.97 and a beta of 0.78. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $156.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the firm earned $4.09 EPS. Equities research analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were given a dividend of $1.35 per share. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Buying and Selling

In related news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director John P. Barnes sold 13,360 shares of the stock in a transaction 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 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 SEC, which is available at this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares in the company, valued at $464,662.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,553 shares of company stock valued at $14,724,147. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MTB shares. Piper Sandler reiterated an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a research report on Friday, June 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 price target on shares of M&T Bank in a research report on Tuesday, April 16th. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Thursday. Finally, Jefferies Financial Group raised their target price on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $161.51.

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.