Brown Brothers Harriman & Co. Purchases 129 Shares of M&T Bank Co. (NYSE:MTB)

27 Nov 2024, 05:29 by Jessica Moore · The Cerbat Gem

Brown Brothers Harriman & Co. raised its holdings in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 4.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,814 shares of the financial services provider’s stock after purchasing an additional 129 shares during the period. Brown Brothers Harriman & Co.’s holdings in M&T Bank were worth $501,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Hedeker Wealth LLC lifted its holdings in M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after buying an additional 55 shares during the period. Frank Rimerman Advisors LLC lifted its stake in shares of M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 57 shares during the period. Crestwood Advisors Group LLC boosted its position in shares of M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 57 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the last quarter. Finally, Meitav Investment House Ltd. lifted its stake in M&T Bank by 3.1% in the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after buying an additional 69 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director Robert E. Sadler, Jr. sold 2,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the sale, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of several analyst reports. Wedbush boosted their target price on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. The Goldman Sachs Group increased their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company raised their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and an average price target of $203.29.

View Our Latest Research Report on M&T Bank

M&T Bank Stock Down 0.5 %

Shares of MTB stock opened at $220.77 on Wednesday. The firm’s fifty day moving average price is $193.89 and its two-hundred day moving average price is $170.70. M&T Bank Co. has a 1 year low of $123.46 and a 1 year high of $225.70. 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 firm has a market capitalization of $36.63 billion, a P/E ratio of 16.34, a PEG ratio of 3.11 and a beta of 0.74.

M&T Bank (NYSE:MTB – Get Free Report) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, equities analysts predict that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. M&T Bank’s payout ratio is 39.97%.

M&T Bank Profile

(Free Report)