Lake Street Advisors Group LLC Raises Position in M&T Bank Co. (NYSE:MTB)

Lake Street Advisors Group LLC increased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,938 shares of the financial services provider’s stock after buying an additional 196 shares during the quarter. Lake Street Advisors Group LLC’s holdings in M&T Bank were worth $427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of M&T Bank by 14.4% in the 3rd quarter. American Century Companies Inc. now owns 43,060 shares of the financial services provider’s stock valued at $5,445,000 after purchasing an additional 5,405 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of M&T Bank by 3.3% during the fourth quarter. Nordea Investment Management AB now owns 12,407 shares of the financial services provider’s stock worth $1,707,000 after buying an additional 396 shares during the period. BKM Wealth Management LLC purchased a new stake in shares of M&T Bank during the fourth quarter valued at $32,000. SG Americas Securities LLC raised its stake in M&T Bank by 122.9% in the 4th quarter. SG Americas Securities LLC now owns 8,028 shares of the financial services provider’s stock worth $1,100,000 after acquiring an additional 4,426 shares during the last quarter. Finally, CVA Family Office LLC purchased a new position in M&T Bank in the 4th quarter worth $33,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other M&T Bank news, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,215,560. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Christopher E. Kay sold 1,821 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the transaction, the executive vice president now owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the director now owns 35,480 shares in the company, valued at approximately $5,215,560. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,915 shares of company stock worth $14,497,759. 0.82% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of MTB traded down $0.49 during trading hours on Wednesday, hitting $171.68. 1,281,546 shares of the stock were exchanged, compared to its average volume of 1,047,986. The stock’s 50-day moving average price is $151.51 and its two-hundred day moving average price is $144.50. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $175.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The company has a market cap of $28.64 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 4.42 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter last year, the firm earned $5.12 earnings per share. Research analysts expect that M&T Bank Co. will post 14.12 earnings per share for the current year.

M&T Bank Increases Dividend

The company 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 a boost 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 3.15%. The ex-dividend date was Monday, June 3rd. M&T Bank’s payout ratio is presently 36.51%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MTB. Jefferies Financial Group lifted their target price on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Bank of America upped their price objective on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. Evercore ISI lifted their price objective 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. Finally, DA Davidson raised their target price on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $170.35.

M&T Bank Company 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.