Elevatus Welath Management Lowers Stock Position in M&T Bank Corporation (NYSE:MTB)

Elevatus Welath Management cut its stake in shares of M&T Bank Corporation (NYSE:MTB) by 55.4% in the 1st quarter, Holdings Channel reports. The institutional investor owned 3,567 shares of the financial services provider’s stock after selling 4,422 shares during the quarter. Elevatus Welath Management’s holdings in M&T Bank were worth $638,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in MTB. Cresset Asset Management LLC boosted its position in M&T Bank by 51.8% during the 1st quarter. Cresset Asset Management LLC now owns 39,833 shares of the financial services provider’s stock worth $7,120,000 after purchasing an additional 13,587 shares during the period. Ethic Inc. boosted its position in M&T Bank by 4.7% during the 1st quarter. Ethic Inc. now owns 21,309 shares of the financial services provider’s stock worth $3,758,000 after purchasing an additional 952 shares during the period. Brandywine Global Investment Management LLC boosted its position in M&T Bank by 390.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider’s stock worth $62,474,000 after purchasing an additional 278,246 shares during the period. High Falls Advisors Inc boosted its position in M&T Bank by 67.6% during the 1st quarter. High Falls Advisors Inc now owns 2,505 shares of the financial services provider’s stock worth $448,000 after purchasing an additional 1,010 shares during the period. Finally, Aberdeen Group plc boosted its position in M&T Bank by 97.2% during the 1st quarter. Aberdeen Group plc now owns 117,792 shares of the financial services provider’s stock worth $20,873,000 after purchasing an additional 58,065 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Price Performance

MTB opened at $190.29 on Friday. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a market cap of $29.74 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.95 and a beta of 0.63. The company’s 50-day moving average price is $191.74 and its 200 day moving average price is $183.86.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping the consensus estimate of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the prior year, the firm earned $3.73 EPS. As a group, sell-side analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.8%. M&T Bank’s dividend payout ratio is 34.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Cowen assumed coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a research report on Thursday, April 24th. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. TD Cowen assumed coverage on shares of M&T Bank in a research report on Thursday, May 15th. They issued a “buy” rating and a $230.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $212.88.

Insiders Place Their Bets

In other news, EVP Peter D’arcy sold 2,461 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares of the company’s stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,438 shares of company stock worth $1,967,346. Insiders own 0.53% of the company’s stock.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.