Stevens Capital Management LP Invests $320,000 in M&T Bank Co. (NYSE:MTB)

Stevens Capital Management LP purchased a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,333 shares of the financial services provider’s stock, valued at approximately $320,000.

A number of other institutional investors have also modified their holdings of the business. Invesco Ltd. boosted its position in shares of M&T Bank by 15.5% in the third quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock worth $612,138,000 after acquiring an additional 650,796 shares during the last quarter. Smead Capital Management Inc. acquired a new stake in M&T Bank during the 4th quarter worth about $59,418,000. LSV Asset Management grew its stake in shares of M&T Bank by 63.5% in the 3rd quarter. LSV Asset Management now owns 1,108,552 shares of the financial services provider’s stock valued at $140,176,000 after buying an additional 430,356 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in M&T Bank by 29.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock worth $218,308,000 after purchasing an additional 393,116 shares during the period. Finally, Senvest Management LLC raised its stake in shares of M&T Bank by 279.6% in the third quarter. Senvest Management LLC now owns 426,700 shares of the financial services provider’s stock valued at $53,956,000 after purchasing an additional 314,300 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on MTB shares. Bank of America increased their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Wedbush restated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research report on Wednesday, April 10th. Barclays raised their target price on M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley raised their target price on M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, Piper Sandler reduced their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 19th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $158.48.

M&T Bank Price Performance

M&T Bank stock traded down $0.52 during mid-day trading on Friday, hitting $146.38. 657,022 shares of the company traded hands, compared to its average volume of 1,188,787. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank Co. has a one year low of $108.53 and a one year high of $148.93. The stock has a fifty day moving average price of $140.84 and a 200-day moving average price of $133.63. The stock has a market cap of $24.39 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 1.24 and a beta of 0.80.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the company posted $4.09 EPS. On average, equities analysts predict that M&T Bank Co. will post 13.92 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is 35.16%.

Insider Buying and Selling at M&T Bank

In related news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now owns 7,274 shares of the company’s stock, valued at approximately $962,350.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares of the company’s stock, valued at $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,119 shares of company stock valued at $5,341,012. 0.82% of the stock is owned by company insiders.

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.