LRI Investments LLC Grows Position in M&T Bank Corporation $MTB

LRI Investments LLC grew its stake in M&T Bank Corporation (NYSE:MTB) by 33.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,250 shares of the financial services provider’s stock after buying an additional 3,807 shares during the quarter. LRI Investments LLC’s holdings in M&T Bank were worth $3,014,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC grew its stake in shares of M&T Bank by 2,214.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 155 shares during the period. Bank of Jackson Hole Trust lifted its holdings in M&T Bank by 342.9% during the third quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 120 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of M&T Bank in the second quarter worth approximately $36,000. Cullen Frost Bankers Inc. boosted its position in shares of M&T Bank by 1,109.5% in the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 233 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in shares of M&T Bank in the third quarter worth $61,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.3%

Shares of NYSE MTB opened at $216.87 on Thursday. The stock has a market capitalization of $33.33 billion, a P/E ratio of 12.72, a PEG ratio of 0.95 and a beta of 0.59. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $222.18. The business’s 50 day moving average is $204.09 and its two-hundred day moving average is $195.91. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last released its earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, beating the consensus estimate of $4.47 by $0.25. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same quarter in the previous year, the company posted $3.77 EPS. As a group, research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. M&T Bank’s payout ratio is currently 35.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MTB shares. Evercore ISI lowered M&T Bank from an “outperform” rating to a “hold” rating and increased their price target for the stock from $210.00 to $225.00 in a research note on Tuesday, January 6th. Piper Sandler lifted their target price on M&T Bank from $225.00 to $235.00 in a research note on Friday, January 16th. Wolfe Research cut M&T Bank from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of M&T Bank in a research report on Wednesday, January 7th. Finally, Royal Bank Of Canada upped their target price on shares of M&T Bank from $210.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $224.29.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 17,866 shares of the stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $220.81, for a total value of $3,944,991.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Christopher E. Kay sold 5,250 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total value of $1,006,425.00. Following the transaction, the executive vice president owned 5,501 shares of the company’s stock, valued at $1,054,541.70. This trade represents a 48.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 29,116 shares of company stock worth $6,091,776. Insiders own 0.53% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.