Empirical Finance LLC Purchases 204 Shares of M&T Bank Co. (NYSE:MTB)

Empirical Finance LLC increased its stake in M&T Bank Co. (NYSE:MTB) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,540 shares of the financial services provider’s stock after purchasing an additional 204 shares during the quarter. Empirical Finance LLC’s holdings in M&T Bank were worth $806,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA raised its holdings in M&T Bank by 0.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after purchasing an additional 4,419 shares during the period. Norges Bank bought a new position in M&T Bank in the 4th quarter worth $232,322,000. Dimensional Fund Advisors LP raised its holdings in M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after purchasing an additional 100,008 shares during the period. The Manufacturers Life Insurance Company raised its holdings in M&T Bank by 8.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after purchasing an additional 41,523 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in M&T Bank by 7.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after purchasing an additional 35,692 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $0.27 during trading on Friday, reaching $155.21. 783,045 shares of the stock traded hands, compared to its average volume of 1,030,271. The company has a market capitalization of $25.90 billion, a price-to-earnings ratio of 10.57, a P/E/G ratio of 3.54 and a beta of 0.77. The business has a fifty day simple moving average of $149.04 and a two-hundred day simple moving average of $142.69. 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 Co. has a 52-week low of $108.53 and a 52-week high of $156.66.

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 analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter in the previous year, the business earned $4.09 EPS. Sell-side analysts expect that M&T Bank Co. will post 13.96 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.48%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Buying and Selling

In related news, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at $5,481,660. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm’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 sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,553 shares of company stock worth $14,724,147. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MTB. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $160.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. JPMorgan Chase & Co. increased their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Evercore ISI increased their price target on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Jefferies Financial Group increased their price target on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, DA Davidson reiterated a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $161.58.

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.