Absher Wealth Management LLC Has $41.32 Million Stock Holdings in M&T Bank Corporation (NYSE:MTB)

Absher Wealth Management LLC lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 16.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,147 shares of the financial services provider’s stock after buying an additional 33,279 shares during the period. M&T Bank makes up 5.4% of Absher Wealth Management LLC’s portfolio, making the stock its biggest position. Absher Wealth Management LLC’s holdings in M&T Bank were worth $41,318,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank during the fourth quarter valued at $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter valued at $38,000. Grove Bank & Trust boosted its position in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock valued at $40,000 after buying an additional 114 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of M&T Bank during the fourth quarter valued at $52,000. Finally, Investors Research Corp boosted its position in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider’s stock valued at $53,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director now directly owns 23,070 shares of the company’s stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.

M&T Bank Stock Up 1.7%

MTB stock opened at $184.74 on Friday. M&T Bank Corporation has a twelve month low of $145.82 and a twelve month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39. The stock has a market cap of $29.65 billion, a P/E ratio of 12.37, a PEG ratio of 1.34 and a beta of 0.62. The business’s 50-day moving average price is $176.69 and its 200-day moving average price is $184.10.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm earned $3.09 earnings per share. On average, equities research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.92%. M&T Bank’s payout ratio is currently 36.17%.

Wall Street Analysts Forecast Growth

MTB has been the topic of several recent analyst reports. Truist Financial dropped their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. DA Davidson dropped their price objective on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Cowen initiated coverage on M&T Bank in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Morgan Stanley increased their price objective on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. dropped their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, M&T Bank has an average rating of “Moderate Buy” and an average price target of $210.63.

M&T Bank Company Profile

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.