Jackson Square Capital LLC Acquires New Stake in M&T Bank Co. (NYSE:MTB)

Jackson Square Capital LLC acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,483 shares of the financial services provider’s stock, valued at approximately $620,000.

A number of other hedge funds also recently bought and sold shares of the company. Graypoint LLC purchased a new stake in M&T Bank during the third quarter valued at $235,000. Forte Capital LLC ADV increased its position in M&T Bank by 10.6% during the third quarter. Forte Capital LLC ADV now owns 2,435 shares of the financial services provider’s stock valued at $434,000 after acquiring an additional 234 shares during the last quarter. Radnor Capital Management LLC purchased a new stake in M&T Bank during the third quarter valued at $356,000. Crestwood Advisors Group LLC increased its position in M&T Bank by 1.9% in the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new stake in M&T Bank in the third quarter worth about $67,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Barclays upped their price target 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. Bank of America upped their price target on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Wedbush upped their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Piper Sandler upped their price target on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $198.76.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $216.56 on Thursday. The stock has a 50 day moving average of $181.20 and a 200 day moving average of $163.98. M&T Bank Co. has a 12 month low of $115.93 and a 12 month high of $216.84. The firm has a market cap of $36.13 billion, a PE ratio of 16.03, a PEG ratio of 2.70 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is presently 39.97%.

Insider Activity at M&T Bank

In other news, EVP Michael J. Todaro sold 4,791 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.57, for a total value of $778,872.87. Following the completion of the sale, the executive vice president now directly owns 3,086 shares of the company’s stock, valued at $501,691.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Michael J. Todaro sold 4,791 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.57, for a total transaction of $778,872.87. Following the completion of the sale, the executive vice president now directly owns 3,086 shares of the company’s stock, valued at approximately $501,691.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the sale, the director now directly owns 29,796 shares of the company’s stock, valued at $5,899,608. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,734 shares of company stock valued at $14,055,727. Insiders own 0.82% of the company’s stock.

M&T Bank Company 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.