Elo Mutual Pension Insurance Co Invests $2.16 Million in M&T Bank Co. (NYSE:MTB)

Elo Mutual Pension Insurance Co purchased a new stake in M&T Bank Co. (NYSE:MTB) during the second quarter, Holdings Channel reports. The institutional investor purchased 14,245 shares of the financial services provider’s stock, valued at approximately $2,156,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its holdings in M&T Bank by 4.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after purchasing an additional 81,004 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in M&T Bank by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after buying an additional 93,113 shares during the last quarter. Bank of New York Mellon Corp increased its stake in M&T Bank by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after buying an additional 44,442 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of M&T Bank by 77.0% during the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after acquiring an additional 319,051 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of M&T Bank by 8.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after acquiring an additional 41,523 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,699 shares of company stock worth $5,115,349. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Bank of America boosted their price target on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Piper Sandler upped their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. DA Davidson upped their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Finally, Evercore ISI raised their target price on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $175.85.

M&T Bank Price Performance

NYSE:MTB opened at $179.86 on Friday. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $180.19. The stock’s fifty day moving average is $166.98 and its two-hundred day moving average is $153.16. The company has a market capitalization of $30.01 billion, a P/E ratio of 12.16, a P/E/G ratio of 3.32 and a beta of 0.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its 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 analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter in the prior year, the company posted $5.12 earnings per share. Equities analysts expect that M&T Bank Co. will post 14.24 EPS 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 given a dividend of $1.35 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.00%. M&T Bank’s payout ratio is currently 36.51%.

M&T Bank 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.