Mill Creek Capital Advisors LLC Takes $224,000 Position in M&T Bank Co. (NYSE:MTB)

Mill Creek Capital Advisors LLC purchased a new stake in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,259 shares of the financial services provider’s stock, valued at approximately $224,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. Marshall Wace LLP grew its stake in M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after purchasing an additional 472,997 shares during the period. Los Angeles Capital Management LLC boosted its holdings in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares in the last quarter. Canoe Financial LP boosted its holdings in M&T Bank by 29.4% in the third quarter. Canoe Financial LP now owns 588,302 shares of the financial services provider’s stock worth $103,200,000 after acquiring an additional 133,748 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in M&T Bank by 17,784.1% in the third quarter. International Assets Investment Management LLC now owns 110,166 shares of the financial services provider’s stock worth $19,623,000 after acquiring an additional 109,550 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in M&T Bank by 6.1% in 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 acquiring an additional 93,113 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on MTB. Piper Sandler increased their price target on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Royal Bank of Canada increased their price target on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. DA Davidson raised their target price on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average target price of $199.65.

Insiders Place Their Bets

In other M&T Bank news, Director Kirk W. Walters sold 1,590 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the completion of the sale, the director now directly owns 2,108 shares of the company’s stock, valued at $443,143.76. This trade represents a 43.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael J. Todaro sold 4,786 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total value 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 $596,696.70. This represents a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock valued at $13,576,801 over the last ninety days. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Performance

Shares of MTB opened at $214.74 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $35.63 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 3.02 and a beta of 0.74. The stock has a 50 day moving average of $187.11 and a 200 day moving average of $167.36. M&T Bank Co. has a 12 month low of $123.37 and a 12 month high of $216.84.

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, beating analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. As a group, sell-side analysts forecast 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 was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is 39.97%.

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.