Courier Capital LLC Has $6.03 Million Stake in M&T Bank Co. (NYSE:MTB)

Courier Capital LLC raised its holdings in M&T Bank Co. (NYSE:MTB) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,704 shares of the financial services provider’s stock after buying an additional 1,620 shares during the period. Courier Capital LLC’s holdings in M&T Bank were worth $6,025,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank during the 4th quarter worth about $29,000. Banque Transatlantique SA acquired a new position in shares of M&T Bank during the 4th quarter worth about $38,000. Human Investing LLC acquired a new position in M&T Bank in the 4th quarter valued at about $44,000. Sierra Ocean LLC acquired a new position in M&T Bank in the 4th quarter valued at about $44,000. Finally, Loomis Sayles & Co. L P acquired a new position in M&T Bank in the 4th quarter valued at about $52,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on MTB. Truist Financial decreased their price target 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. Morgan Stanley decreased their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $212.53.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were 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 in the company, valued at $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE MTB opened at $184.21 on Monday. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The firm has a fifty day simple moving average of $172.67 and a 200 day simple moving average of $186.40. The company has a market capitalization of $29.57 billion, a PE ratio of 12.59, a P/E/G ratio of 1.38 and a beta of 0.62. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the business earned $3.09 EPS. On average, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank’s payout ratio is 36.17%.

About M&T Bank

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.