Connecticut Wealth Management LLC Purchases 185 Shares of M&T Bank Co. (NYSE:MTB)

Connecticut Wealth Management LLC boosted its position in M&T Bank Co. (NYSE:MTB) by 2.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,872 shares of the financial services provider’s stock after purchasing an additional 185 shares during the period. Connecticut Wealth Management LLC’s holdings in M&T Bank were worth $1,480,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC boosted its position in shares of M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after purchasing an additional 61,375 shares in the last quarter. Merit Financial Group LLC lifted its stake in M&T Bank by 46.0% in the fourth quarter. Merit Financial Group LLC now owns 1,889 shares of the financial services provider’s stock valued at $355,000 after buying an additional 595 shares during the period. HB Wealth Management LLC boosted its holdings in shares of M&T Bank by 6.8% during the 4th quarter. HB Wealth Management LLC now owns 2,672 shares of the financial services provider’s stock worth $502,000 after buying an additional 170 shares in the last quarter. Aaron Wealth Advisors LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth approximately $236,000. Finally, Ballentine Partners LLC increased its stake in shares of M&T Bank by 23.0% in the 4th quarter. Ballentine Partners LLC now owns 2,130 shares of the financial services provider’s stock valued at $400,000 after acquiring an additional 398 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Trading Down 3.1%

Shares of M&T Bank stock opened at $180.03 on Thursday. The stock has a fifty day moving average price of $171.92 and a 200-day moving average price of $189.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a market cap of $28.90 billion, a PE ratio of 12.31, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the business posted $3.09 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 3.00%. M&T Bank’s payout ratio is currently 36.17%.

Analyst Ratings Changes

Several research analysts recently issued reports on MTB shares. Truist Financial cut their target price on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada restated an “outperform” rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday. Wells Fargo & Company dropped their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Jefferies Financial Group assumed coverage on M&T Bank in a report on Wednesday. They issued a “buy” rating and a $225.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $212.53.

M&T Bank Company Profile

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.