National Wealth Management Group LLC Acquires New Shares in M&T Bank Co. (NYSE:MTB)

National Wealth Management Group LLC acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,970 shares of the financial services provider’s stock, valued at approximately $529,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. Price T Rowe Associates Inc. MD boosted its position in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in M&T Bank by 18.8% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock valued at $841,000 after purchasing an additional 915 shares during the period. California State Teachers Retirement System boosted its position in M&T Bank by 1.6% during the 1st quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock valued at $40,174,000 after purchasing an additional 4,343 shares during the period. Hancock Whitney Corp boosted its position in M&T Bank by 4.7% during the 1st quarter. Hancock Whitney Corp now owns 10,345 shares of the financial services provider’s stock valued at $1,505,000 after purchasing an additional 464 shares during the period. Finally, Citizens Financial Group Inc. RI acquired a new position in M&T Bank during the 1st quarter valued at approximately $203,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Up 0.0 %

Shares of M&T Bank stock opened at $220.80 on Thursday. The stock’s fifty day moving average is $194.82 and its 200-day moving average is $171.05. The firm has a market capitalization of $36.64 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74. 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 Co. has a 12-month low of $123.46 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Equities analysts anticipate that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

Insider Activity at M&T Bank

In related news, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at $7,715,126. This trade represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,383 shares of company stock valued at $17,925,801. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Bank of America boosted their price target on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley boosted their price target 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. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, Wedbush boosted their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $206.41.

About M&T Bank

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.