Atom Investors LP Makes New $9.15 Million Investment in M&T Bank Co. (NYSE:MTB)

Atom Investors LP acquired a new stake in M&T Bank Co. (NYSE:MTB) in the third quarter, HoldingsChannel.com reports. The firm acquired 51,374 shares of the financial services provider’s stock, valued at approximately $9,151,000. M&T Bank makes up about 1.0% of Atom Investors LP’s investment portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. FMR LLC lifted its stake in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. Marshall Wace LLP lifted its stake in M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after buying an additional 319,051 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in M&T Bank by 30.8% in the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock valued at $106,871,000 after buying an additional 141,337 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.4 %

NYSE:MTB opened at $219.99 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $36.50 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 3.10 and a beta of 0.74. M&T Bank Co. has a 1 year low of $125.61 and a 1 year high of $225.70. The stock has a fifty day moving average price of $196.45 and a two-hundred day moving average price of $172.10.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. As a group, sell-side analysts anticipate that M&T Bank Co. will post 14.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 39.97%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MTB. Barclays upped their price target on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. DA Davidson upped their price target on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Wedbush upped their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Morgan Stanley upped their price target on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Finally, Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average target price of $206.41.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,504 shares of company stock valued at $18,394,012. Insiders own 0.82% of the company’s stock.

M&T Bank 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.