RNC Capital Management LLC Has $70.43 Million Position in M&T Bank Corporation $MTB

RNC Capital Management LLC grew its holdings in M&T Bank Corporation (NYSE:MTB) by 0.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 363,058 shares of the financial services provider’s stock after buying an additional 1,058 shares during the quarter. M&T Bank comprises approximately 3.4% of RNC Capital Management LLC’s holdings, making the stock its 4th largest holding. RNC Capital Management LLC’s holdings in M&T Bank were worth $70,430,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP grew its stake in M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares during the last quarter. Nuveen LLC purchased a new position in M&T Bank in the first quarter valued at about $243,451,000. Invesco Ltd. grew its stake in M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Canoe Financial LP grew its stake in M&T Bank by 24,443.7% in the second quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock valued at $57,325,000 after purchasing an additional 294,302 shares during the last quarter. Finally, Brandywine Global Investment Management LLC grew its stake in M&T Bank by 390.5% in the first quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider’s stock valued at $62,474,000 after purchasing an additional 278,246 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the transaction, the director directly owned 17,866 shares of the company’s stock, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MTB shares. Truist Financial dropped their price target on M&T Bank from $227.00 to $217.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Cantor Fitzgerald started coverage on M&T Bank in a research note on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price target on the stock. Cowen restated a “buy” rating on shares of M&T Bank in a research note on Monday. DA Davidson boosted their price target on M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Finally, Evercore ISI boosted their price target on M&T Bank from $222.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $217.76.

M&T Bank Trading Up 0.1%

M&T Bank stock opened at $181.93 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.49. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The company has a market capitalization of $28.43 billion, a price-to-earnings ratio of 11.20, a price-to-earnings-growth ratio of 0.87 and a beta of 0.62. The stock has a 50-day moving average price of $194.33 and a 200 day moving average price of $186.57.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 EPS for the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%.The firm had revenue of $1.54 billion during the quarter. Sell-side analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.3%. M&T Bank’s dividend payout ratio is presently 36.95%.

M&T Bank 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.