Janney Montgomery Scott LLC Has $16.34 Million Stock Position in M&T Bank Corporation $MTB

Janney Montgomery Scott LLC decreased its stake in shares of M&T Bank Corporation (NYSE:MTB) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,227 shares of the financial services provider’s stock after selling 1,851 shares during the quarter. Janney Montgomery Scott LLC owned about 0.05% of M&T Bank worth $16,339,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock worth $1,768,564,000 after purchasing an additional 2,460,315 shares during the last quarter. Invesco Ltd. increased its position in shares of M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock worth $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Northern Trust Corp increased its position in shares of M&T Bank by 2.3% during the 1st quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider’s stock worth $307,702,000 after purchasing an additional 38,081 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of M&T Bank by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider’s stock worth $287,932,000 after acquiring an additional 12,580 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of M&T Bank by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider’s stock worth $257,826,000 after acquiring an additional 30,643 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

MTB opened at $195.55 on Friday. The business has a fifty day simple moving average of $195.54 and a 200 day simple moving average of $185.70. The company has a market capitalization of $30.56 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 0.96 and a beta of 0.62. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the prior year, the company posted $3.73 EPS. Research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio is currently 38.86%.

Insider Activity

In other news, EVP Peter D’arcy sold 2,461 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director owned 4,881 shares of the company’s stock, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,738 shares of company stock worth $3,734,612. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent analyst reports. Citigroup boosted their target price on M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Cantor Fitzgerald initiated coverage on M&T Bank in a report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 target price on the stock. Evercore ISI boosted their target price on M&T Bank from $222.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday. Wells Fargo & Company boosted their target price on M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group boosted their target price on M&T Bank from $220.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.53.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.