Shell Asset Management Co. Acquires Shares of 3,044 M&T Bank Co. (NYSE:MTB)

Shell Asset Management Co. bought a new position in M&T Bank Co. (NYSE:MTBGet Rating) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,044 shares of the financial services provider’s stock, valued at approximately $485,000.

Several other institutional investors have also recently made changes to their positions in the company. WealthTrust Axiom LLC increased its stake in M&T Bank by 1.8% in the 2nd quarter. WealthTrust Axiom LLC now owns 3,323 shares of the financial services provider’s stock valued at $529,000 after buying an additional 59 shares during the last quarter. River Wealth Advisors LLC increased its position in shares of M&T Bank by 1.6% during the first quarter. River Wealth Advisors LLC now owns 3,921 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 60 shares during the last quarter. DAVENPORT & Co LLC lifted its holdings in M&T Bank by 3.1% during the first quarter. DAVENPORT & Co LLC now owns 2,033 shares of the financial services provider’s stock worth $345,000 after acquiring an additional 62 shares during the period. McCollum Christoferson Group LLC boosted its position in M&T Bank by 0.3% in the first quarter. McCollum Christoferson Group LLC now owns 24,812 shares of the financial services provider’s stock worth $4,206,000 after purchasing an additional 66 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in M&T Bank by 13.9% in the 1st quarter. First Horizon Advisors Inc. now owns 639 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 78 shares during the period. Institutional investors own 82.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of M&T Bank from $200.00 to $255.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Citigroup lowered their price target on shares of M&T Bank from $200.00 to $180.00 and set a “neutral” rating on the stock in a report on Friday, October 21st. Piper Sandler dropped their price objective on M&T Bank from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Thursday, October 20th. Barclays decreased their target price on M&T Bank from $238.00 to $225.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Finally, Morgan Stanley dropped their price target on M&T Bank from $240.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $199.92.

M&T Bank Trading Down 0.7 %

Shares of M&T Bank stock opened at $168.69 on Thursday. The company’s 50-day moving average price is $176.24 and its 200-day moving average price is $173.45. The company has a market cap of $29.12 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.08 and a beta of 0.79. M&T Bank Co. has a 12-month low of $141.49 and a 12-month high of $193.42. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

M&T Bank (NYSE:MTBGet Rating) last posted its earnings results on Wednesday, October 19th. The financial services provider reported $3.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.21 by ($0.38). The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.29 billion. M&T Bank had a return on equity of 10.74% and a net margin of 22.80%. During the same quarter in the prior year, the company earned $3.76 earnings per share. On average, equities analysts expect that M&T Bank Co. will post 14.53 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 1st will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 2.85%. M&T Bank’s payout ratio is 45.28%.

Insiders Place Their Bets

In other news, EVP D Scott N. Warman sold 2,000 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $188.55, for a total transaction of $377,100.00. Following the completion of the transaction, the executive vice president now owns 8,349 shares of the company’s stock, valued at $1,574,203.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other M&T Bank news, EVP D Scott N. Warman sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $188.55, for a total value of $377,100.00. Following the completion of the transaction, the executive vice president now owns 8,349 shares of the company’s stock, valued at approximately $1,574,203.95. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael J. Todaro sold 1,050 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $188.83, for a total transaction of $198,271.50. Following the completion of the transaction, the executive vice president now directly owns 3,667 shares in the company, valued at approximately $692,439.61. The disclosure for this sale can be found here. Insiders have sold 3,583 shares of company stock worth $676,290 in the last ninety days. 0.73% of the stock is currently owned by insiders.

M&T Bank Company Profile

(Get Rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

Further Reading

Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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