Ritholtz Wealth Management Has $659,000 Holdings in M&T Bank Co. (NYSE:MTB)

Ritholtz Wealth Management raised its holdings in M&T Bank Co. (NYSE:MTB) by 117.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,697 shares of the financial services provider’s stock after buying an additional 1,999 shares during the period. Ritholtz Wealth Management’s holdings in M&T Bank were worth $659,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board raised its holdings in M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares in the last quarter. Leuthold Group LLC bought a new position in shares of M&T Bank in the first quarter valued at $3,125,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in M&T Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after acquiring an additional 18,566 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its stake in M&T Bank by 60.0% in the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock valued at $4,964,000 after acquiring an additional 12,304 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Evercore ISI raised M&T Bank from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $187.00 to $210.00 in a research report on Wednesday, October 2nd. DA Davidson boosted their target price on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. Finally, Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $170.00 to $165.00 in a report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $185.75.

Insider Activity

In related news, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the sale, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the transaction, the director now directly owns 20,414 shares of the company’s stock, valued at $502,184.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 0.2 %

Shares of MTB stock opened at $185.94 on Wednesday. The stock has a market cap of $31.02 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $190.23. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a 50 day simple moving average of $170.90 and a 200 day simple moving average of $157.77.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the company posted $5.12 EPS. On average, research analysts predict that M&T Bank Co. will post 14.16 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.90%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.