EP Wealth Advisors LLC Purchases Shares of 6,444 M&T Bank Co. (NYSE:MTB)

EP Wealth Advisors LLC bought a new position in shares of M&T Bank Co. (NYSE:MTB - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 6,444 shares of the financial services provider's stock, valued at approximately $1,148,000.

Several other large investors also recently modified their holdings of the stock. State Street Corp boosted its stake in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock valued at $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Stifel Financial Corp raised its position in M&T Bank by 11.2% in the third quarter. Stifel Financial Corp now owns 393,624 shares of the financial services provider's stock valued at $70,113,000 after purchasing an additional 39,759 shares during the last quarter. Quantinno Capital Management LP raised its position in M&T Bank by 27.4% in the third quarter. Quantinno Capital Management LP now owns 30,825 shares of the financial services provider's stock valued at $5,491,000 after purchasing an additional 6,626 shares during the last quarter. Royal London Asset Management Ltd. raised its position in M&T Bank by 2.3% in the third quarter. Royal London Asset Management Ltd. now owns 67,648 shares of the financial services provider's stock valued at $12,049,000 after purchasing an additional 1,534 shares during the last quarter. Finally, Resurgent Financial Advisors LLC raised its position in M&T Bank by 16.4% in the third quarter. Resurgent Financial Advisors LLC now owns 2,656 shares of the financial services provider's stock valued at $473,000 after purchasing an additional 374 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on MTB shares. StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Wolfe Research upgraded M&T Bank from a "peer perform" rating to an "outperform" rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. Citigroup downgraded M&T Bank from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, Barclays raised their price objective on M&T Bank from $170.00 to $228.00 and gave the stock an "equal weight" rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $211.58.

Insider Transactions at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now owns 40,502 shares of the company's stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 84,994 shares of company stock worth $17,211,278. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

M&T Bank stock traded down $5.03 during mid-day trading on Wednesday, reaching $201.96. 1,967,884 shares of the company's stock were exchanged, compared to its average volume of 1,037,521. The firm has a market capitalization of $33.51 billion, a PE ratio of 14.94, a P/E/G ratio of 2.96 and a beta of 0.76. The business's fifty day simple moving average is $201.51 and its 200 day simple moving average is $175.01. 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 one year low of $128.31 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. On average, sell-side analysts expect that M&T Bank Co. will post 14.63 earnings per share 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. 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 2.67%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank's payout ratio is 39.97%.

M&T Bank 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.