Lesa Sroufe & Co Acquires 3,460 Shares of M&T Bank Corporation $MTB

Lesa Sroufe & Co lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 15.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 25,874 shares of the financial services provider’s stock after purchasing an additional 3,460 shares during the period. M&T Bank accounts for about 3.6% of Lesa Sroufe & Co’s portfolio, making the stock its 7th largest position. Lesa Sroufe & Co’s holdings in M&T Bank were worth $5,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in M&T Bank by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock worth $285,341,000 after acquiring an additional 49,336 shares during the last quarter. Canoe Financial LP raised its stake in shares of M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after acquiring an additional 219,065 shares during the last quarter. Barclays PLC raised its stake in shares of M&T Bank by 3.9% in the fourth quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock worth $106,846,000 after acquiring an additional 20,120 shares during the last quarter. Davis Asset Management L.P. raised its stake in shares of M&T Bank by 23.1% in the fourth quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock worth $80,592,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of M&T Bank by 35.4% during the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock worth $79,954,000 after purchasing an additional 103,692 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Trading Down 0.0%

MTB opened at $238.85 on Friday. The firm has a 50 day simple moving average of $220.63 and a 200 day simple moving average of $216.35. M&T Bank Corporation has a fifty-two week low of $174.76 and a fifty-two week high of $243.57. The company has a market cap of $34.98 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm earned $3.32 earnings per share. On average, sell-side analysts anticipate that M&T Bank Corporation will post 18.8 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is currently 33.59%.

M&T Bank declared that its board has initiated a stock buyback program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research analyst reports. Morgan Stanley raised their price target on shares of M&T Bank from $245.00 to $253.00 and gave the company an “equal weight” rating in a report on Monday. Piper Sandler upped their price objective on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Cantor Fitzgerald decreased their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. DA Davidson lifted their target price on M&T Bank from $233.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, Argus boosted their target price on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $236.00.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.44% of the stock is currently owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.