First Horizon Corp Invests $473,000 in M&T Bank Corporation $MTB

First Horizon Corp acquired a new stake in M&T Bank Corporation (NYSE:MTB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,395 shares of the financial services provider’s stock, valued at approximately $473,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Marshall Wace LLP grew its holdings in shares of M&T Bank by 6.2% during the 2nd quarter. Marshall Wace LLP now owns 584,438 shares of the financial services provider’s stock worth $113,375,000 after purchasing an additional 33,920 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in M&T Bank by 3.1% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 463,669 shares of the financial services provider’s stock worth $89,947,000 after buying an additional 13,749 shares during the period. Canoe Financial LP increased its position in shares of M&T Bank by 46.8% during the third quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock valued at $85,704,000 after acquiring an additional 138,173 shares during the last quarter. RNC Capital Management LLC raised its stake in shares of M&T Bank by 0.3% in the 2nd quarter. RNC Capital Management LLC now owns 363,058 shares of the financial services provider’s stock valued at $70,430,000 after acquiring an additional 1,058 shares during the period. Finally, Cooke & Bieler LP raised its stake in shares of M&T Bank by 18.1% in the 2nd quarter. Cooke & Bieler LP now owns 318,930 shares of the financial services provider’s stock valued at $61,869,000 after acquiring an additional 48,870 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,000 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total transaction of $1,140,360.00. Following the completion of the transaction, the director owned 17,070 shares in the company, valued at approximately $3,244,324.20. The trade was a 26.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Christopher E. Kay sold 5,250 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total value of $1,006,425.00. Following the completion of the transaction, the executive vice president directly owned 5,501 shares in the company, valued at $1,054,541.70. This trade represents a 48.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research analyst reports. Robert W. Baird boosted their target price on M&T Bank from $225.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Evercore ISI cut M&T Bank from an “outperform” rating to a “hold” rating and lifted their price objective for the company from $210.00 to $225.00 in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods increased their target price on M&T Bank from $220.00 to $230.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Citigroup lifted their target price on M&T Bank from $215.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday, January 2nd. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $230.00 price target on shares of M&T Bank in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $221.18.

M&T Bank Trading Down 1.2%

MTB opened at $208.99 on Wednesday. The business has a fifty day moving average price of $197.62 and a 200 day moving average price of $194.80. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.97. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $215.49. The stock has a market capitalization of $32.12 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.93 and a beta of 0.59.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $4.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.40 by $0.47. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%.The company had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the company earned $4.02 EPS. Sell-side analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were paid a $1.50 dividend. The ex-dividend date was Monday, December 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.9%. M&T Bank’s payout ratio is currently 36.95%.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.