AQR Capital Management LLC Raises Position in M&T Bank Co. (NYSE:MTB)

AQR Capital Management LLC lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 72.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,152 shares of the financial services provider’s stock after acquiring an additional 53,795 shares during the quarter. AQR Capital Management LLC owned 0.08% of M&T Bank worth $19,178,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of MTB. Ontario Teachers Pension Plan Board raised its position in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after purchasing an additional 3,739 shares in the last quarter. Leuthold Group LLC acquired a new stake in M&T Bank in the first quarter valued at approximately $3,125,000. Rafferty Asset Management LLC lifted its stake in M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after acquiring an additional 100,526 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after acquiring an additional 35,692 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MTB. Piper Sandler boosted their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Jefferies Financial Group raised their target price on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Morgan Stanley upped their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. DA Davidson raised their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Wedbush upped their target price on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank has an average rating of “Hold” and an average price target of $181.33.

M&T Bank Trading Up 1.5 %

Shares of MTB stock opened at $178.12 on Tuesday. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $180.63. 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 business’s 50 day moving average is $168.75 and its two-hundred day moving average is $154.98. The company has a market capitalization of $29.72 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 3.55 and a beta of 0.76.

M&T Bank (NYSE:MTB) last announced 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 net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the company posted $5.12 EPS. Equities analysts forecast that M&T Bank Co. will post 14.23 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Insiders Place Their Bets

In related news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now directly owns 31,796 shares in the company, valued at $5,476,225.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,699 shares of company stock worth $5,115,349. Company insiders own 0.82% of the company’s stock.

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.