M&T Bank Corporation $MTB is RNC Capital Management LLC’s 4th Largest Position

RNC Capital Management LLC grew its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 0.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 363,058 shares of the financial services provider’s stock after purchasing an additional 1,058 shares during the quarter. M&T Bank makes up approximately 3.4% of RNC Capital Management LLC’s holdings, making the stock its 4th biggest position. RNC Capital Management LLC owned about 0.23% of M&T Bank worth $70,430,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP increased its position in shares of M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares during the last quarter. Invesco Ltd. increased its position in shares of M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Northern Trust Corp increased its holdings in M&T Bank by 2.3% in the 1st quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider’s stock worth $307,702,000 after acquiring an additional 38,081 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in M&T Bank by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider’s stock worth $287,932,000 after acquiring an additional 12,580 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in M&T Bank by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider’s stock worth $257,826,000 after acquiring an additional 30,643 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on MTB. Wells Fargo & Company increased their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Cowen reissued a “buy” rating on shares of M&T Bank in a report on Monday. Evercore ISI increased their target price on shares of M&T Bank from $222.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Piper Sandler started coverage on shares of M&T Bank in a report on Monday, October 6th. They set an “overweight” rating and a $225.00 price objective for the company. Finally, TD Cowen increased their price objective on shares of M&T Bank from $235.00 to $245.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $217.76.

M&T Bank Stock Up 0.1%

NYSE MTB opened at $181.93 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.91. The company has a market capitalization of $28.43 billion, a P/E ratio of 11.20, a P/E/G ratio of 0.87 and a beta of 0.62. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70. The stock has a 50 day moving average price of $194.33 and a 200-day moving average price of $186.57.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. The company had revenue of $1.54 billion during the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%. As a group, equities analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.3%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. The ex-dividend date was Tuesday, September 2nd. M&T Bank’s dividend payout ratio is 36.95%.

Insider Buying and Selling at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company 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.