Sienna Gestion Takes Position in M&T Bank Co. (NYSE:MTB)

Sienna Gestion bought a new position in shares of M&T Bank Co. (NYSE:MTB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 49,555 shares of the financial services provider’s stock, valued at approximately $7,497,000.

Several other institutional investors have also modified their holdings of MTB. General Partner Inc. purchased a new stake in M&T Bank during the 1st quarter worth approximately $27,000. Fidelis Capital Partners LLC bought a new stake in shares of M&T Bank in the first quarter worth $30,000. Principal Securities Inc. acquired a new stake in M&T Bank in the fourth quarter valued at $34,000. Oakworth Capital Inc. bought a new position in M&T Bank during the 2nd quarter valued at $35,000. Finally, Mark Sheptoff Financial Planning LLC grew its holdings in M&T Bank by 677.4% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 359 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of recent analyst reports. Morgan Stanley upped their target price on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Jefferies Financial Group boosted their price target on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upped their price target on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, DA Davidson lifted their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. One equities research 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $175.85.

M&T Bank Stock Performance

MTB opened at $174.05 on Thursday. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $177.61. The stock has a market cap of $29.04 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 3.32 and a beta of 0.76. The business’s 50 day moving average is $166.48 and its 200-day moving average is $152.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $5.12 earnings per share. On average, analysts predict that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.10%. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Buying and Selling

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other M&T Bank 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 sale, the director now directly owns 31,796 shares in the company, valued at $5,476,225.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock valued at $5,115,349 over the last quarter. Corporate insiders own 0.82% of the company’s stock.

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.