USA Financial Formulas Has $230,000 Holdings in M&T Bank Co. (NYSE:MTB)

USA Financial Formulas reduced its position in M&T Bank Co. (NYSE:MTB) by 77.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,288 shares of the financial services provider’s stock after selling 4,531 shares during the period. USA Financial Formulas’ holdings in M&T Bank were worth $230,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Apollon Wealth Management LLC boosted its stake in M&T Bank by 8.4% during the 4th quarter. Apollon Wealth Management LLC now owns 2,903 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 225 shares during the period. Kingsview Wealth Management LLC lifted its position in shares of M&T Bank by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 1,860 shares of the financial services provider’s stock worth $350,000 after buying an additional 75 shares during the period. Empowered Funds LLC lifted its position in shares of M&T Bank by 9.6% during the 4th quarter. Empowered Funds LLC now owns 3,034 shares of the financial services provider’s stock worth $570,000 after buying an additional 267 shares during the period. Kestra Private Wealth Services LLC lifted its position in shares of M&T Bank by 73.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 2,454 shares of the financial services provider’s stock worth $461,000 after buying an additional 1,039 shares during the period. Finally, Summit Trail Advisors LLC bought a new position in M&T Bank in the 4th quarter valued at $290,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. Cowen initiated coverage on M&T Bank in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They set a “buy” rating and a $230.00 target price on the stock. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the stock a “buy” rating in a report on Wednesday, May 21st. Truist Financial cut their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, Evercore ISI dropped their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $212.53.

M&T Bank Price Performance

M&T Bank stock opened at $184.54 on Thursday. M&T Bank Co. has a 12 month low of $141.00 and a 12 month high of $225.70. The stock’s 50 day moving average is $173.76 and its 200-day moving average is $186.13. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $29.62 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.38 and a beta of 0.62.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the company posted $3.09 EPS. Equities research analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

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