Allstate Corp Acquires New Stake in M&T Bank Corporation $MTB

Allstate Corp bought a new position in shares of M&T Bank Corporation (NYSE:MTB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,638 shares of the financial services provider’s stock, valued at approximately $1,114,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Marshall Wace LLP increased its stake in shares of M&T Bank by 6.2% in the second quarter. Marshall Wace LLP now owns 584,438 shares of the financial services provider’s stock valued at $113,375,000 after buying an additional 33,920 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in M&T Bank by 3.1% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 463,669 shares of the financial services provider’s stock valued at $89,947,000 after acquiring an additional 13,749 shares during the last quarter. Canoe Financial LP increased its position in M&T Bank by 46.8% during the 3rd quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock valued at $85,704,000 after purchasing an additional 138,173 shares during the period. RNC Capital Management LLC raised its holdings in M&T Bank by 0.3% during the 2nd quarter. RNC Capital Management LLC now owns 363,058 shares of the financial services provider’s stock worth $70,430,000 after purchasing an additional 1,058 shares during the last quarter. Finally, Cooke & Bieler LP raised its holdings in M&T Bank by 18.1% during the 2nd quarter. Cooke & Bieler LP now owns 318,930 shares of the financial services provider’s stock worth $61,869,000 after purchasing an additional 48,870 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MTB shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $230.00 price objective on shares of M&T Bank in a research note on Tuesday, January 6th. Barclays upped their price target on shares of M&T Bank from $220.00 to $236.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. Truist Financial set a $230.00 price objective on M&T Bank in a research report on Tuesday. Wolfe Research downgraded M&T Bank from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Finally, UBS Group raised their target price on M&T Bank from $207.00 to $208.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $224.24.

M&T Bank Stock Performance

Shares of MTB stock opened at $219.01 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. The firm has a fifty day simple moving average of $200.89 and a two-hundred day simple moving average of $195.41. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $220.60. The firm has a market capitalization of $33.66 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 0.93 and a beta of 0.59.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.47 by $0.25. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.47 billion. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. During the same period last year, the company earned $3.77 earnings per share. Analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, December 1st. M&T Bank’s payout ratio is currently 35.19%.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 5,250 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the transaction, the executive vice president owned 5,501 shares in the company, valued at $1,054,541.70. This trade represents a 48.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total value of $1,140,360.00. Following the transaction, the director directly owned 17,070 shares in the company, valued at approximately $3,244,324.20. The trade was a 26.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Company 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.