Manning & Napier Advisors LLC Has $2.83 Million Stake in M&T Bank Corporation $MTB

Manning & Napier Advisors LLC raised its stake in shares of M&T Bank Corporation (NYSE:MTB) by 79.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,303 shares of the financial services provider’s stock after buying an additional 6,354 shares during the period. Manning & Napier Advisors LLC’s holdings in M&T Bank were worth $2,827,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MTB. Golden State Wealth Management LLC raised its stake in shares of M&T Bank by 2,214.3% in the 2nd quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 155 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in M&T Bank during the second quarter valued at approximately $36,000. Family Legacy Financial Solutions LLC bought a new position in shares of M&T Bank in the second quarter valued at approximately $46,000. Cullen Frost Bankers Inc. lifted its stake in shares of M&T Bank by 1,109.5% in the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after buying an additional 233 shares during the last quarter. Finally, Quent Capital LLC acquired a new position in M&T Bank in the 3rd quarter valued at $79,000. Institutional investors own 84.68% of the company’s stock.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 5,250 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total transaction of $1,006,425.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert E. Sadler, Jr. sold 6,000 shares of the company’s 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 completion of the sale, the director owned 17,070 shares in the company, valued at approximately $3,244,324.20. This represents a 26.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MTB. Barclays boosted their target price on shares of M&T Bank from $220.00 to $236.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. TD Cowen boosted their price objective on M&T Bank from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $230.00 target price on shares of M&T Bank in a report on Tuesday, January 6th. Evercore ISI downgraded M&T Bank from an “outperform” rating to a “hold” rating and lifted their price target for the stock from $210.00 to $225.00 in a research report on Tuesday, January 6th. Finally, Robert W. Baird increased their price objective 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. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus target price of $221.18.

M&T Bank Price Performance

Shares of MTB stock opened at $209.88 on Thursday. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $215.49. The company has a market capitalization of $32.26 billion, a P/E ratio of 12.92, a P/E/G ratio of 0.92 and a beta of 0.59. The stock has a 50 day moving average of $198.15 and a two-hundred day moving average of $194.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 16th. The financial services provider reported $4.87 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the business earned $4.02 earnings per share. As a group, equities analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders 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 dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, December 1st. M&T Bank’s dividend payout ratio (DPR) is presently 36.95%.

About M&T Bank

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.