Los Angeles Capital Management LLC Increases Stake in M&T Bank Co. (NYSE:MTB)

Los Angeles Capital Management LLC grew its holdings in M&T Bank Co. (NYSE:MTB) by 77.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 733,304 shares of the financial services provider’s stock after acquiring an additional 319,051 shares during the quarter. Los Angeles Capital Management LLC owned 0.44% of M&T Bank worth $110,993,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. General Partner Inc. acquired a new stake in M&T Bank during the first quarter valued at $27,000. Fidelis Capital Partners LLC acquired a new stake in shares of M&T Bank during the 1st quarter worth approximately $30,000. Principal Securities Inc. acquired a new position in M&T Bank in the fourth quarter valued at about $34,000. Oakworth Capital Inc. purchased a new stake in M&T Bank in the second quarter valued at approximately $35,000. Finally, Mark Sheptoff Financial Planning LLC boosted its stake in shares of M&T Bank by 677.4% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 359 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 1.4 %

MTB traded down $2.29 during trading on Friday, hitting $166.51. 1,021,386 shares of the company’s stock were exchanged, compared to its average volume of 1,013,521. The stock has a 50 day moving average price of $163.27 and a 200 day moving average price of $151.09. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market cap of $27.78 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 3.45 and a beta of 0.77.

M&T Bank (NYSE:MTB) last issued its earnings results 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 company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the prior year, the business earned $5.12 earnings per share. As a group, analysts expect that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Insider Buying and Selling

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the sale, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The disclosure for this sale can be found here. Insiders have sold 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 weighed in on the company. Jefferies Financial Group boosted their target price on M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley lifted their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $183.00 to $215.00 in a report on Tuesday. Piper Sandler increased their price objective on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Finally, Evercore ISI boosted their target price on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $175.85.

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.