Philip James Wealth Mangement LLC Makes New $873,000 Investment in M&T Bank Co. (NYSE:MTB)

Philip James Wealth Mangement LLC bought a new position in shares of M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,900 shares of the financial services provider’s stock, valued at approximately $873,000.

Several other hedge funds also recently bought and sold shares of the stock. Hexagon Capital Partners LLC boosted its stake in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the period. Oakworth Capital Inc. acquired a new stake in M&T Bank in the second quarter valued at approximately $35,000. nVerses Capital LLC acquired a new stake in M&T Bank in the third quarter valued at approximately $53,000. Versant Capital Management Inc raised its holdings in M&T Bank by 82.7% in the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 201 shares in the last quarter. Finally, Annapolis Financial Services LLC raised its holdings in M&T Bank by 150.7% in the third quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the transaction, the insider now owns 40,502 shares of the company’s stock, valued at $7,933,531.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the transaction, the insider now owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold 66,848 shares of company stock valued at $12,287,757 in the last 90 days. 0.82% of the stock is currently owned by insiders.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $1.35 during midday trading on Friday, hitting $209.46. 64,063 shares of the stock were exchanged, compared to its average volume of 1,045,575. The stock has a market cap of $34.95 billion, a P/E ratio of 15.39, a PEG ratio of 2.70 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a twelve month low of $115.93 and a twelve month high of $216.84. The company has a 50 day moving average price of $181.20 and a 200-day moving average price of $163.98.

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 paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MTB. Piper Sandler raised their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Barclays lifted their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $198.76.

About M&T Bank

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.