Advisor Group Holdings Inc. Acquires 2,318 Shares of M&T Bank Co. (NYSE:MTB)

Advisor Group Holdings Inc. increased its holdings in shares of M&T Bank Co. (NYSE:MTBGet Rating) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,932 shares of the financial services provider’s stock after acquiring an additional 2,318 shares during the period. Advisor Group Holdings Inc.’s holdings in M&T Bank were worth $7,642,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Commerce Bank grew its holdings in M&T Bank by 1.2% during the fourth quarter. Commerce Bank now owns 4,979 shares of the financial services provider’s stock worth $765,000 after purchasing an additional 57 shares during the period. Bradley Foster & Sargent Inc. CT grew its holdings in M&T Bank by 2.1% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 2,774 shares of the financial services provider’s stock worth $426,000 after purchasing an additional 58 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in M&T Bank by 1.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,931 shares of the financial services provider’s stock worth $757,000 after purchasing an additional 62 shares during the period. DAVENPORT & Co LLC grew its holdings in M&T Bank by 3.1% during the first quarter. DAVENPORT & Co LLC now owns 2,033 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 62 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its holdings in M&T Bank by 1.9% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,376 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 63 shares during the period. 87.61% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $178.77 on Friday. The company’s 50 day simple moving average is $167.16 and its 200 day simple moving average is $170.82. The stock has a market capitalization of $32.07 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 0.78 and a beta of 0.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 1.05. M&T Bank Co. has a 1 year low of $131.42 and a 1 year high of $186.95.

M&T Bank (NYSE:MTBGet Rating) last announced its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.75 by ($1.67). M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same quarter in the prior year, the firm earned $3.45 earnings per share. As a group, research analysts predict that M&T Bank Co. will post 15.21 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 1st were paid a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $4.80 dividend on an annualized basis and a yield of 2.69%. M&T Bank’s dividend payout ratio (DPR) is 44.61%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 2,200 shares of the business’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares of the company’s stock, valued at $956,740.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other M&T Bank news, EVP Robert J. Bojdak sold 525 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $177.82, for a total transaction of $93,355.50. Following the sale, the executive vice president now owns 19,075 shares of the company’s stock, valued at $3,391,916.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christopher E. Kay sold 2,200 shares of the business’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now directly owns 5,350 shares in the company, valued at approximately $956,740.50. The disclosure for this sale can be found here. Insiders have sold 7,725 shares of company stock valued at $1,335,332 over the last three months. 0.73% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research reports. TheStreet downgraded shares of M&T Bank from a “b” rating to a “c+” rating in a research report on Wednesday, July 20th. Robert W. Baird upgraded shares of M&T Bank from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $175.00 to $200.00 in a research report on Friday, June 17th. Morgan Stanley raised their price objective on shares of M&T Bank from $203.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, July 21st. Jefferies Financial Group cut their price objective on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a research report on Monday, July 11th. Finally, Piper Sandler raised their price objective on shares of M&T Bank from $200.00 to $210.00 in a research report on Wednesday, April 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $198.71.

M&T Bank Company Profile

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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