Sound Income Strategies LLC Buys 7,050 Shares of M&T Bank Co. (NYSE:MTB)

Sound Income Strategies LLC boosted its position in M&T Bank Co. (NYSE:MTB - Free Report) by 8.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,050 shares of the financial services provider's stock after purchasing an additional 7,050 shares during the quarter. Sound Income Strategies LLC owned about 0.05% of M&T Bank worth $12,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. GSA Capital Partners LLP purchased a new stake in M&T Bank in the 3rd quarter worth approximately $833,000. Stevens Capital Management LP bought a new position in shares of M&T Bank in the 4th quarter worth $320,000. Matrix Asset Advisors Inc. NY increased its holdings in shares of M&T Bank by 15.7% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider's stock worth $12,685,000 after buying an additional 12,590 shares during the last quarter. Smead Capital Management Inc. bought a new position in shares of M&T Bank in the 4th quarter worth $59,418,000. Finally, Rafferty Asset Management LLC increased its holdings in shares of M&T Bank by 72.1% in the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider's stock worth $32,890,000 after buying an additional 100,526 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm's stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm's stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm's stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares of the company's stock, valued at $464,662.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,553 shares of company stock worth $14,724,147. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of M&T Bank from a "hold" rating to a "sell" rating in a report on Friday, May 3rd. Wedbush reissued an "outperform" rating and issued a $170.00 price target on shares of M&T Bank in a report on Wednesday, April 10th. DA Davidson reaffirmed a "neutral" rating and set a $159.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. Wells Fargo & Company increased their target price on shares of M&T Bank from $145.00 to $150.00 and gave the company an "equal weight" rating in a report on Tuesday, April 16th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $164.00 target price on shares of M&T Bank in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $160.48.

M&T Bank Trading Down 0.1 %

Shares of NYSE:MTB traded down $0.08 on Wednesday, hitting $147.46. The company had a trading volume of 795,956 shares, compared to its average volume of 1,042,140. The firm's 50-day simple moving average is $147.83 and its two-hundred day simple moving average is $141.72. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $24.60 billion, a price-to-earnings ratio of 9.97, a P/E/G ratio of 2.90 and a beta of 0.78.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The business had revenue of $2.26 billion for the quarter, compared to analysts' expectations of $2.26 billion. During the same period last year, the business earned $4.09 earnings per share. Equities analysts anticipate that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. This is a positive change from M&T Bank's previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Monday, June 3rd. M&T Bank's dividend payout ratio (DPR) is currently 36.51%.

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.