M&T Bank Corporation $MTB Stake Lifted by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. boosted its holdings in M&T Bank Corporation (NYSE:MTB) by 823.2% in the third quarter, Holdings Channel reports. The firm owned 43,300 shares of the financial services provider’s stock after purchasing an additional 38,610 shares during the quarter. Jefferies Financial Group Inc.’s holdings in M&T Bank were worth $9,422,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Eastern Bank lifted its position in M&T Bank by 259.2% during the 3rd quarter. Eastern Bank now owns 24,456 shares of the financial services provider’s stock worth $5,322,000 after buying an additional 17,647 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of M&T Bank by 1,288.9% during the 3rd quarter. International Assets Investment Management LLC now owns 30,000 shares of the financial services provider’s stock worth $6,528,000 after buying an additional 27,840 shares during the last quarter. Danske Bank A S acquired a new position in shares of M&T Bank during the 2nd quarter worth about $34,683,000. Envestnet Asset Management Inc. grew its holdings in shares of M&T Bank by 3.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 318,844 shares of the financial services provider’s stock valued at $75,888,000 after acquiring an additional 11,169 shares in the last quarter. Finally, Quantitative Investment Management LLC bought a new position in shares of M&T Bank in the 2nd quarter valued at about $1,248,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 0.1%

M&T Bank stock opened at $220.33 on Thursday. The firm has a market capitalization of $31.60 billion, a PE ratio of 11.41, a P/E/G ratio of 1.27 and a beta of 0.64. The company’s 50-day moving average is $223.55 and its 200-day moving average is $225.36. M&T Bank Corporation has a fifty-two week low of $179.75 and a fifty-two week high of $255.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.53 billion. During the same period in the prior year, the firm earned $4.82 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 19.48 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s payout ratio is 31.32%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MTB. JPMorgan Chase & Co. lowered their target price on M&T Bank from $265.50 to $248.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Cantor Fitzgerald dropped their price objective on M&T Bank from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. TD Cowen assumed coverage on M&T Bank in a report on Thursday, October 8th. They issued a “hold” rating and a $245.00 price objective for the company. Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a report on Tuesday, September 1st. Finally, Truist Financial decreased their target price on shares of M&T Bank from $250.00 to $235.00 and set a “hold” rating for the company in a research note on Tuesday, October 20th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $244.89.

Insider Buying and Selling

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO René Jones sold 19,396 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.44% of the stock is owned by insiders.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.