Sterling Investment Counsel LLC Purchases 931 Shares of M&T Bank Corporation (NYSE:MTB)

Sterling Investment Counsel LLC lifted its stake in M&T Bank Corporation (NYSE:MTB) by 26.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,428 shares of the financial services provider’s stock after purchasing an additional 931 shares during the period. Sterling Investment Counsel LLC’s holdings in M&T Bank were worth $791,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Sanctuary Advisors LLC grew its holdings in shares of M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock worth $183,000 after purchasing an additional 53 shares during the last quarter. Marcum Wealth LLC grew its holdings in shares of M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 57 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after purchasing an additional 60 shares during the last quarter. Finally, Forum Financial Management LP grew its holdings in shares of M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock worth $540,000 after purchasing an additional 62 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Activity at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director now directly owns 23,070 shares of the company’s stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $181.39 on Thursday. The firm has a market capitalization of $29.12 billion, a P/E ratio of 12.15, a PEG ratio of 1.29 and a beta of 0.62. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average price of $175.68 and a 200 day moving average price of $184.73. M&T Bank Corporation has a 52 week low of $145.25 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data 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 company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same period in the previous year, the business earned $3.09 earnings per share. Sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Monday, June 2nd. M&T Bank’s payout ratio is currently 36.17%.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Truist Financial dropped 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 report on Tuesday, April 15th. Wells Fargo & Company dropped their target price on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Barclays dropped their target price on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 15th. Finally, Cowen began coverage on shares of M&T Bank in a report on Wednesday, May 14th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.