QRG Capital Management Inc. Buys 223 Shares of M&T Bank Co. (NYSE:MTB)

QRG Capital Management Inc. boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 12.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,973 shares of the financial services provider’s stock after acquiring an additional 223 shares during the period. QRG Capital Management Inc.’s holdings in M&T Bank were worth $351,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Duality Advisers LP acquired a new stake in shares of M&T Bank during the 1st quarter worth about $201,000. Envestnet Portfolio Solutions Inc. grew its holdings in M&T Bank by 13.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,471 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 535 shares during the last quarter. Empowered Funds LLC increased its position in M&T Bank by 26.7% in the 1st quarter. Empowered Funds LLC now owns 2,204 shares of the financial services provider’s stock valued at $321,000 after acquiring an additional 465 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of M&T Bank by 178.6% during the first quarter. SG Americas Securities LLC now owns 22,362 shares of the financial services provider’s stock worth $3,252,000 after purchasing an additional 14,334 shares in the last quarter. Finally, Forsta AP Fonden grew its stake in shares of M&T Bank by 14.6% during the first quarter. Forsta AP Fonden now owns 30,600 shares of the financial services provider’s stock valued at $4,450,000 after purchasing an additional 3,900 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MTB shares. Bank of America upped their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Evercore ISI raised their target price on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. DA Davidson boosted their price target on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Royal Bank of Canada lifted their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price target on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $198.76.

M&T Bank Stock Performance

Shares of MTB stock opened at $214.64 on Tuesday. The stock has a market cap of $35.61 billion, a P/E ratio of 15.50, a P/E/G ratio of 2.97 and a beta of 0.74. The company has a fifty day moving average price of $182.71 and a two-hundred day moving average price of $164.98. M&T Bank Co. has a one year low of $116.07 and a one year high of $216.84. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. As a group, equities analysts predict that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders 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 dividend yield of 2.52%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 39.97%.

Insider Activity at M&T Bank

In other news, Director Kirk W. Walters sold 2,471 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the transaction, the director now owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. This represents a 0.00 % 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. In other M&T Bank news, Director Kirk W. Walters sold 1,590 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total transaction of $334,249.80. Following the transaction, the director now owns 2,108 shares in the company, valued at $443,143.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,088 shares of company stock worth $12,613,397. 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.