22,674 Shares in M&T Bank Co. (NYSE:MTB) Bought by NFJ Investment Group LLC

NFJ Investment Group LLC purchased a new position in M&T Bank Co. (NYSE:MTB - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 22,674 shares of the financial services provider's stock, valued at approximately $4,039,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plato Investment Management Ltd grew its position in 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 worth $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank during the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC boosted its position in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after buying an additional 68 shares during the period. Oakworth Capital Inc. purchased a new position in shares of M&T Bank during the second quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock valued at $37,000 after buying an additional 158 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 1.3 %

Shares of MTB stock traded down $2.72 during trading hours on Wednesday, reaching $211.61. 630,390 shares of the company's stock were exchanged, compared to its average volume of 1,032,946. The stock's 50 day moving average is $198.00 and its 200-day moving average is $172.96. The company has a market cap of $35.11 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 3.04 and a beta of 0.76. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for 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%. Analysts predict that M&T Bank Co. will post 14.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company 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 $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Monday, December 2nd. M&T Bank's payout ratio is 39.97%.

Analyst Ratings Changes

MTB has been the subject of several recent analyst reports. Piper Sandler boosted their target price on M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research report on Wednesday, November 27th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Citigroup lowered M&T Bank from a "buy" rating to a "neutral" rating and boosted their price target for the company from $220.00 to $230.00 in a report on Monday, November 25th. Wells Fargo & Company boosted their price target on M&T Bank from $190.00 to $205.00 and gave the company an "underweight" rating in a report on Friday, November 15th. Finally, Keefe, Bruyette & Woods boosted their price target on M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $209.32.

Insider Activity at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares of the company's stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the completion of the transaction, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. The trade was a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,504 shares of company stock valued at $16,673,712 in the last ninety days. 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.