Avantax Advisory Services Inc. holds $636,000 worth of stock in M&T Bank Co. (NYSE:MTB)

July 18, 2022

Montana Lending

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Avantax Advisory Services Inc. increased its stake in the shares of M&T Bank Co. (NYSE: MTBGet a rating) by 24.1% in the first quarter, according to its most recent SEC filing. The company held 3,759 shares of the financial services provider after acquiring an additional 730 shares during the period. Avantax Advisory Services Inc.’s holdings in M&T Bank were worth $636,000 when it last filed with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Spire Wealth Management increased its holdings of M&T Bank shares by 8.3% in the fourth quarter. Spire Wealth Management now owns 896 shares of the financial services provider valued at $138,000 after purchasing an additional 69 shares during the period. Russell Investments Group Ltd. increased its holdings of M&T Bank shares by 20.6% in the fourth quarter. Russell Investments Group Ltd. now owns 95,710 shares of the financial services provider valued at $14,689,000 after purchasing an additional 16,362 shares during the period. Wealthfront Advisers LLC increased its holdings of M&T Bank shares by 7.1% in the fourth quarter. Wealthfront Advisers LLC now owns 26,468 shares of the financial services provider valued at $4,065,000 after purchasing an additional 1,763 shares during the period. Trust Co. of Vermont increased its holdings of M&T Bank shares by 1.0% in the fourth quarter. Trust Co. of Vermont now owns 11,606 shares of the financial services provider valued at $1,783,000 after purchasing 117 additional shares during the period. Finally, Denali Advisors LLC increased its stake in M&T Bank shares by 21.3% in the fourth quarter. Denali Advisors LLC now owns 570 shares of the financial services provider valued at $88,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds hold 87.61% of the company’s shares.

Insider activity

In other news, Vice President Kevin J. Pearson sold 5,000 shares of the company in a transaction dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the sale, the insider now directly owns 39,008 shares of the company, valued at approximately $6,620,047.68. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a transaction dated Wednesday, June 8. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the transaction, the executive vice president now owns 19,075 shares of the company, valued at approximately $3,391,916.50. The sale was disclosed in a document filed with the SEC, accessible via this link. Additionally, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now owns 39,008 shares of the company, valued at approximately $6,620,047.68. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 7,725 shares of the company valued at $1,335,332. 0.73% of the shares are held by insiders of the company.

Analysts set new price targets

The VTT has been the subject of several research analyst reports. JPMorgan Chase & Co. cut its price target on M&T Bank shares from $200.00 to $195.00 and set a “neutral” rating for the company in a Friday, July 1 report. Deutsche Bank Aktiengesellschaft raised its price target on M&T Bank shares from $180.00 to $200.00 in a Friday, March 25 research note. StockNews.com upgraded M&T Bank shares from a “sell” to a “hold” rating in a Friday, June 10 research note. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 research note. Finally, the Goldman Sachs Group raised its price target on M&T Bank shares from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 research note. Seven equity research analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat, the stock has an average rating of “moderate buy” and a consensus target price of $190.51.

M&T Bank shares up 3.7%

Shares of MTB stock opened at $156.21 on Monday. The company has a debt ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day moving average is $166.21 and its 200-day moving average is $171.02. The stock has a market capitalization of $28.03 billion, a price/earnings ratio of 11.93, a PEG ratio of 0.74 and a beta of 0.89. M&T Bank Co. has a 52-week low of $128.46 and a 52-week high of $186.95.

M&T Bank (NYSE: MTBGet a rating) last released its results on Wednesday, April 20. The financial services provider reported earnings per share (EPS) of $2.73 for the quarter, beating analyst consensus estimates of $2.26 by $0.47. The company posted revenue of $1.45 billion for the quarter, versus $1.43 billion for analysts. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. During the same period of the previous year, the company achieved EPS of $3.41. Sell-side analysts expect M&T Bank Co. to post EPS of 15.12 for the current year.

M&T Bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 30. Shareholders of record on Wednesday, June 1 received a dividend of $1.20. The ex-dividend date was Tuesday, May 31. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 3.07%. M&T Bank’s payout ratio is 36.67%.

M&T Bank Company Profile

(Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

See also

Institutional ownership by quarter for M&T Bank (NYSE:MTB)



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