Applied Capital LLC FL Takes $214,000 Position in M&T Bank Co. (NYSE:MTB)

Applied Capital LLC FL bought a new stake in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 1,200 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC lifted its stake in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 68 shares during the period. Fidelis Capital Partners LLC acquired a new position in M&T Bank in the first quarter valued at $30,000. Oakworth Capital Inc. purchased a new position in M&T Bank during the second quarter worth about $35,000. Quent Capital LLC boosted its stake in M&T Bank by 75.7% in the 3rd quarter. Quent Capital LLC now owns 397 shares of the financial services provider’s stock worth $71,000 after buying an additional 171 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in shares of M&T Bank during the 3rd quarter valued at about $71,000. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Trading Up 0.2 %

NYSE:MTB opened at $185.94 on Wednesday. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $190.23. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market cap of $31.02 billion, a PE ratio of 12.57, a P/E/G ratio of 3.27 and a beta of 0.75. The business’s 50 day moving average is $170.90 and its two-hundred day moving average is $157.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter in the prior year, the business earned $5.12 earnings per share. On average, analysts predict that M&T Bank Co. will post 14.16 EPS for the current year.

M&T Bank Announces Dividend

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

Insider Buying and Selling

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Kirk W. Walters sold 7,464 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares of the company’s stock, valued at $2,617,378.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock valued at $5,115,349 in the last quarter. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Piper Sandler raised their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Citigroup upped their price objective on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Morgan Stanley lifted their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Finally, StockNews.com cut M&T Bank from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $185.75.

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.