Atom Investors LP Makes New $9.15 Million Investment in M&T Bank Co. (NYSE:MTB)

Atom Investors LP acquired a new position in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 51,374 shares of the financial services provider's stock, valued at approximately $9,151,000. M&T Bank makes up 1.0% of Atom Investors LP's investment portfolio, making the stock its 12th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd raised its position in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock valued at $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of M&T Bank in the third quarter worth approximately $32,000. Hexagon Capital Partners LLC grew its holdings in M&T Bank by 54.4% in the third 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. Oakworth Capital Inc. purchased a new position in M&T Bank during the second quarter worth approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

NYSE:MTB traded down $2.95 during midday trading on Monday, hitting $215.69. 903,170 shares of the stock were exchanged, compared to its average volume of 1,035,474. 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 business has a 50-day moving average price of $196.45 and a two-hundred day moving average price of $172.10. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70. The company has a market capitalization of $35.79 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 3.10 and a beta of 0.74.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS 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 business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. Sell-side analysts predict that M&T Bank Co. will post 14.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.50%. M&T Bank's payout ratio is currently 39.97%.

Analyst Ratings Changes

A number of equities analysts have recently commented on MTB shares. Wolfe Research upgraded M&T Bank from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective on the stock in a report on Friday, October 4th. Royal Bank of Canada boosted their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. Barclays upped their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an "equal weight" rating in a research note on Friday, October 18th. Citigroup downgraded M&T Bank from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Finally, DA Davidson upped their target price 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $206.41.

Insider Transactions at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the sale, the director now owns 49,960 shares of the company's stock, valued at approximately $9,690,741.20. This trade represents a 28.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,504 shares of company stock valued at $18,394,012 over the last quarter. Company insiders own 0.82% of the company's stock.

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.