Parallel Advisors LLC Purchases 113 Shares of M&T Bank Corporation $MTB

Parallel Advisors LLC lifted its position in M&T Bank Corporation (NYSE:MTB) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,459 shares of the financial services provider’s stock after acquiring an additional 113 shares during the period. Parallel Advisors LLC’s holdings in M&T Bank were worth $671,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MTB. Wellington Management Group LLP raised its position in shares of M&T Bank by 33.1% in the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock worth $1,768,564,000 after acquiring an additional 2,460,315 shares in the last quarter. Nuveen LLC bought a new position in M&T Bank during the 1st quarter valued at approximately $243,451,000. GAMMA Investing LLC increased its position in M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider’s stock valued at $126,145,000 after buying an additional 701,905 shares in the last quarter. Invesco Ltd. increased its position in M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after buying an additional 468,758 shares in the last quarter. Finally, Brandywine Global Investment Management LLC increased its position in M&T Bank by 390.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider’s stock valued at $62,474,000 after buying an additional 278,246 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares of the company’s stock, valued at approximately $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter D’arcy sold 2,461 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,738 shares of company stock valued at $3,734,612 over the last ninety days. 0.53% of the stock is owned by insiders.

M&T Bank Trading Up 0.9%

Shares of NYSE MTB opened at $200.43 on Friday. The business’s 50 day moving average is $195.17 and its two-hundred day moving average is $184.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The stock has a market capitalization of $31.32 billion, a P/E ratio of 12.98, a PEG ratio of 0.97 and a beta of 0.67.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the previous year, the firm posted $3.73 earnings per share. As a group, research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a yield of 3.0%. M&T Bank’s payout ratio is presently 38.86%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MTB. Morgan Stanley raised their price objective on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Cantor Fitzgerald began coverage on M&T Bank in a research report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price objective for the company. DA Davidson raised their price objective on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Jefferies Financial Group raised their price objective on M&T Bank from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Finally, Wells Fargo & Company raised their price objective on M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Fourteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $214.31.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.