Y Intercept Hong Kong Ltd Invests $332,000 in M&T Bank Co. (NYSE:MTB)

Y Intercept Hong Kong Ltd bought a new stake in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,862 shares of the financial services provider’s stock, valued at approximately $332,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares during the period. State Street Corp lifted its stake in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the period. Massachusetts Financial Services Co. MA grew its position in M&T Bank by 4.8% in the 2nd 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 acquiring an additional 81,004 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in M&T Bank by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after purchasing an additional 93,113 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $196.17 on Wednesday. The firm has a market cap of $32.55 billion, a P/E ratio of 14.52, a P/E/G ratio of 2.83 and a beta of 0.76. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The business’s 50-day moving average price is $203.86 and its 200 day moving average price is $176.78. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. On average, equities research analysts expect that M&T Bank Co. will post 14.63 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.75%. M&T Bank’s payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. The trade was a 28.59 % 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, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,994 shares of company stock worth $17,211,278. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

MTB has been the subject of several recent research reports. DA Davidson raised their price objective on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Finally, Bank of America increased their price objective on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $211.58.

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.