Synergy Asset Management LLC Boosts Stock Position in M&T Bank Co. (NYSE:MTB)

Synergy Asset Management LLC increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,195 shares of the financial services provider’s stock after buying an additional 317 shares during the quarter. Synergy Asset Management LLC’s holdings in M&T Bank were worth $2,905,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. General Partner Inc. purchased a new position in shares of M&T Bank during the 1st quarter worth $27,000. Fidelis Capital Partners LLC acquired a new stake in M&T Bank during the first quarter worth about $30,000. Oakworth Capital Inc. acquired a new stake in M&T Bank during the second quarter worth about $35,000. Principal Securities Inc. purchased a new position in M&T Bank during the fourth quarter worth about $34,000. Finally, Mark Sheptoff Financial Planning LLC boosted its holdings in M&T Bank by 677.4% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 359 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Up 1.0 %

MTB traded up $1.63 on Friday, hitting $170.43. 61,526 shares of the company were exchanged, compared to its average volume of 1,007,941. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $28.44 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 3.45 and a beta of 0.77. The firm has a 50-day moving average price of $162.96 and a two-hundred day moving average price of $150.90. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $176.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the previous year, the company posted $5.12 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.17%. M&T Bank’s payout ratio is 36.51%.

Insider Activity

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of M&T Bank stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Wells Fargo & Company cut M&T Bank from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $170.00 to $165.00 in a research note on Thursday, August 15th. Bank of America upped their price target on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. Finally, Citigroup upped their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average target price of $175.85.

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.