M&T Bank Corporation (NYSE:MTB) Shares Acquired by Eastern Bank

Eastern Bank grew its stake in M&T Bank Corporation (NYSE:MTB) by 4.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,930 shares of the financial services provider’s stock after purchasing an additional 74 shares during the period. Eastern Bank’s holdings in M&T Bank were worth $345,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new position in shares of M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA purchased a new position in shares of M&T Bank in the 4th quarter valued at about $38,000. Grove Bank & Trust increased its stake in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of M&T Bank in the 1st quarter valued at about $46,000. Finally, Investors Research Corp increased its stake in shares of M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter D’arcy sold 2,461 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock worth $1,967,346 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 1.5%

NYSE:MTB opened at $188.68 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.47. The stock’s fifty day moving average is $190.23 and its two-hundred day moving average is $184.58. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The stock has a market capitalization of $30.29 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping analysts’ consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the firm earned $3.73 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank’s dividend payout ratio is 34.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Piper Sandler cut their price objective on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Truist Financial cut their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Cowen assumed coverage on M&T Bank in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Finally, Robert W. Baird cut their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $212.88.

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.