Apollon Wealth Management LLC Raises Stake in M&T Bank Co. (NYSE:MTB)

Apollon Wealth Management LLC increased its stake in M&T Bank Co. (NYSE:MTB) by 21.1% in the third quarter, HoldingsChannel.com reports. The firm owned 2,678 shares of the financial services provider’s stock after acquiring an additional 467 shares during the quarter. Apollon Wealth Management LLC’s holdings in M&T Bank were worth $477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Venturi Wealth Management LLC increased its holdings in M&T Bank by 68.3% in the third quarter. Venturi Wealth Management LLC now owns 488 shares of the financial services provider’s stock valued at $87,000 after buying an additional 198 shares in the last quarter. Catalytic Wealth RIA LLC acquired a new stake in shares of M&T Bank in the 3rd quarter worth approximately $216,000. Ashton Thomas Securities LLC purchased a new position in M&T Bank in the 3rd quarter valued at approximately $32,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Finally, Sustainable Insight Capital Management LLC purchased a new stake in M&T Bank during the third quarter worth $3,242,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of research analyst reports. DA Davidson raised their price target on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Wells Fargo & Company lifted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Morgan Stanley lifted their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Evercore ISI increased their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank has an average rating of “Hold” and an average target price of $199.65.

M&T Bank Trading Up 0.7 %

NYSE MTB opened at $214.74 on Friday. The company has a market cap of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 2.98 and a beta of 0.74. M&T Bank Co. has a 12 month low of $123.37 and a 12 month high of $216.84. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The company has a 50-day moving average of $187.11 and a 200-day moving average of $167.05.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, equities analysts predict that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is currently 39.97%.

Insider Buying and Selling at M&T Bank

In related news, EVP Michael J. Todaro sold 4,786 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the completion of the sale, the executive vice president now directly owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. This represents a 63.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total value of $396,000.00. Following the completion of the transaction, the director now directly owns 29,796 shares in the company, valued at $5,899,608. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,854 shares of company stock valued at $13,637,588. Company 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.