Econ Financial Services Corp Invests $1.17 Million in M&T Bank Co. (NYSE:MTB)

Econ Financial Services Corp purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,022 shares of the financial services provider’s stock, valued at approximately $1,167,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Ontario Teachers Pension Plan Board boosted its holdings in shares of M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after purchasing an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in shares of M&T Bank during the first quarter worth $3,125,000. Stevens Capital Management LP bought a new stake in shares of M&T Bank in the fourth quarter valued at about $320,000. Matrix Asset Advisors Inc. NY boosted its position in M&T Bank by 15.7% during the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock valued at $12,685,000 after purchasing an additional 12,590 shares during the last quarter. Finally, Smead Capital Management Inc. bought a new stake in M&T Bank in the 4th quarter valued at $59,418,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,215,560. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Doris P. Meister sold 3,362 shares of M&T Bank stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $147.27, for a total transaction of $495,121.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 13,360 shares of the business’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 directly owns 35,480 shares in the company, valued at approximately $5,215,560. The disclosure for this sale can be found here. Insiders have sold a total of 87,415 shares of company stock valued at $13,285,139 over the last quarter. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MTB. Citigroup increased their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. DA Davidson lifted their target price on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Jefferies Financial Group raised 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. Keefe, Bruyette & Woods boosted their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada raised their target price on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $170.35.

M&T Bank Stock Performance

M&T Bank stock traded down $2.72 during mid-day trading on Monday, reaching $172.18. The company’s stock had a trading volume of 827,797 shares, compared to its average volume of 1,046,060. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $176.44. The firm’s fifty day moving average price is $152.73 and its two-hundred day moving average price is $145.33. 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 capitalization of $28.73 billion, a P/E ratio of 11.64, a PEG ratio of 3.52 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the firm posted $5.12 EPS. Sell-side analysts predict that M&T Bank Co. will post 14.18 EPS for the current fiscal 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 paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.14%. The ex-dividend date was Monday, June 3rd. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

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.