Eastern Bank Invests $381,000 in M&T Bank Co. (NYSE:MTB)

Eastern Bank acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,139 shares of the financial services provider’s stock, valued at approximately $381,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC boosted its holdings in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of M&T Bank in the first quarter worth $30,000. Oakworth Capital Inc. bought a new stake in M&T Bank during the second quarter valued at $35,000. nVerses Capital LLC purchased a new position in M&T Bank during the third quarter worth about $53,000. Finally, Annapolis Financial Services LLC raised its holdings in shares of M&T Bank by 150.7% in the 3rd quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 226 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the transaction, the director now owns 15,045 shares in the company, valued at $2,617,378.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,199 shares of company stock worth $4,856,869. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MTB shares. Bank of America boosted their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Wedbush upped their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Evercore ISI upgraded M&T Bank from an “in-line” rating to an “outperform” rating and raised their price target for the company from $187.00 to $210.00 in a research report on Wednesday, October 2nd. Finally, DA Davidson upped their price objective on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Monday. One analyst has rated the stock with a sell rating, seven have given 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 a consensus rating of “Hold” and a consensus target price of $197.47.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $193.85 on Thursday. The company’s fifty day simple moving average is $174.96 and its two-hundred day simple moving average is $159.94. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $200.94. The firm has a market cap of $32.34 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.79%. M&T Bank’s dividend payout ratio is presently 36.51%.

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.