RNC Capital Management LLC Raises Position in M&T Bank Co. (NYSE:MTB)

RNC Capital Management LLC raised its position in M&T Bank Co. (NYSE:MTB) by 3.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 341,473 shares of the financial services provider’s stock after purchasing an additional 10,263 shares during the quarter. M&T Bank accounts for approximately 2.8% of RNC Capital Management LLC’s investment portfolio, making the stock its 15th largest position. RNC Capital Management LLC’s holdings in M&T Bank were worth $46,809,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Clear Street Markets LLC purchased a new position in shares of M&T Bank in the fourth quarter valued at about $25,000. Stonebridge Capital Advisors LLC increased its position in shares of M&T Bank by 1,980.0% in the second quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 198 shares during the period. RVW Wealth LLC purchased a new position in shares of M&T Bank in the third quarter valued at about $27,000. Quarry LP purchased a new position in shares of M&T Bank in the first quarter valued at about $27,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of M&T Bank in the first quarter valued at about $27,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 2.5 %

NYSE:MTB opened at $144.80 on Thursday. M&T Bank Co. has a one year low of $108.53 and a one year high of $148.23. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.99 and a quick ratio of 0.99. The company’s 50-day simple moving average is $138.81 and its 200 day simple moving average is $131.30. The firm has a market capitalization of $24.13 billion, a P/E ratio of 9.18, a PEG ratio of 1.25 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.74 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.36). The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. During the same period in the previous year, the firm earned $4.57 EPS. As a group, analysts forecast that M&T Bank Co. will post 13.87 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 4th will be paid a $1.30 dividend. The ex-dividend date is Friday, March 1st. This represents a $5.20 annualized dividend and a dividend yield of 3.59%. M&T Bank’s dividend payout ratio is presently 32.95%.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 3,961 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $143.60, for a total transaction of $568,799.60. Following the transaction, the executive vice president now directly owns 5,000 shares of the company’s stock, valued at $718,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,481 shares of company stock worth $5,114,624. Corporate insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Barclays boosted their price objective on shares of M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Piper Sandler cut their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a research note on Friday, January 19th. DA Davidson reaffirmed a “neutral” rating and set a $159.00 target price on shares of M&T Bank in a research note on Wednesday, March 6th. Morgan Stanley lifted their target price on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Finally, UBS Group lifted their target price on shares of M&T Bank from $139.00 to $154.00 in a research note on Wednesday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $149.71.

M&T Bank Company 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.