Versant Capital Management Inc Buys 201 Shares of M&T Bank Co. (NYSE:MTB)

Versant Capital Management Inc raised its stake in shares of M&T Bank Co. (NYSE:MTB) by 82.7% during the 2nd quarter, Holdings Channel reports. The fund owned 444 shares of the financial services provider’s stock after purchasing an additional 201 shares during the period. Versant Capital Management Inc’s holdings in M&T Bank were worth $67,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Meeder Advisory Services Inc. boosted its position in M&T Bank by 3.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of M&T Bank by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 70 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of M&T Bank by 3.2% during the 4th quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 80 shares during the last quarter. Fulton Bank N.A. lifted its holdings in shares of M&T Bank by 2.3% during the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 81 shares during the last quarter. Finally, Tritonpoint Wealth LLC lifted its holdings in shares of M&T Bank by 2.3% during the 1st quarter. Tritonpoint Wealth LLC now owns 3,833 shares of the financial services provider’s stock valued at $510,000 after purchasing an additional 87 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the subject of several analyst reports. Jefferies Financial Group increased their price objective on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Royal Bank of Canada raised their target price on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Evercore ISI raised their target price 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. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Piper Sandler raised their target price on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $172.92.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $0.32 during trading on Tuesday, reaching $160.29. 959,839 shares of the company’s stock traded hands, compared to its average volume of 1,046,213. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $176.44. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm has a market cap of $26.74 billion, a PE ratio of 10.84, a P/E/G ratio of 3.34 and a beta of 0.77. The company has a 50-day simple moving average of $154.28 and a 200-day simple moving average of $146.55.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the firm earned $5.12 EPS. As a group, analysts predict that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.37%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s payout ratio is presently 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 sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Kirk W. Walters sold 7,767 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $152.39, for a total value of $1,183,613.13. Following the completion of the sale, the director now owns 6,348 shares of the company’s stock, valued at $967,371.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,986 shares of company stock worth $9,730,154. Insiders own 0.82% of the company’s stock.

M&T Bank 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.