Mill Creek Capital Advisors LLC Takes Position in M&T Bank Co. (NYSE:MTB)

Mill Creek Capital Advisors LLC purchased a new stake in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,259 shares of the financial services provider’s stock, valued at approximately $224,000.

Several other hedge funds also recently made changes to their positions in the stock. Natixis Advisors LLC grew its position in shares of M&T Bank by 10.3% in the third quarter. Natixis Advisors LLC now owns 195,879 shares of the financial services provider’s stock valued at $34,890,000 after purchasing an additional 18,318 shares in the last quarter. Mizuho Securities USA LLC boosted its stake in M&T Bank by 182.0% during the third quarter. Mizuho Securities USA LLC now owns 36,273 shares of the financial services provider’s stock valued at $6,461,000 after buying an additional 23,408 shares during the period. Empowered Funds LLC boosted its stake in M&T Bank by 9.7% during the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider’s stock valued at $493,000 after buying an additional 245 shares during the period. Empirical Finance LLC boosted its stake in M&T Bank by 2.6% during the third quarter. Empirical Finance LLC now owns 5,334 shares of the financial services provider’s stock valued at $950,000 after buying an additional 137 shares during the period. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in M&T Bank by 24.2% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 5,125 shares of the financial services provider’s stock valued at $913,000 after buying an additional 1,000 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In related news, EVP Michael J. Todaro sold 4,786 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now owns 2,787 shares in the company, valued at $596,696.70. The trade was a 63.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. This represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,383 shares of company stock worth $13,576,801 in the last 90 days. Company insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 0.7 %

NYSE MTB opened at $214.74 on Monday. M&T Bank Co. has a 1-year low of $123.37 and a 1-year high of $216.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average of $187.11 and a 200-day moving average of $167.36. The firm has a market cap of $35.63 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 3.02 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, sell-side analysts forecast that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. M&T Bank’s dividend payout ratio is presently 39.97%.

Analysts Set New Price Targets

MTB has been the subject of several research analyst reports. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. The Goldman Sachs Group lifted their price objective on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Bank of America lifted their price target on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada lifted their price target on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $199.65.

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.