M&T Bank Co. (NYSE:MTB) Shares Acquired by Ascent Group LLC

by · The Markets Daily

Ascent Group LLC increased its stake in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 10.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,960 shares of the financial services provider’s stock after purchasing an additional 1,086 shares during the quarter. Ascent Group LLC’s holdings in M&T Bank were worth $1,740,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board lifted its stake in shares of M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares during the period. Leuthold Group LLC acquired a new stake in M&T Bank in the first quarter valued at about $3,125,000. Stevens Capital Management LP purchased a new stake in M&T Bank in the 4th quarter valued at approximately $320,000. Matrix Asset Advisors Inc. NY increased its position in M&T Bank by 15.7% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after purchasing an additional 12,590 shares during the period. Finally, Smead Capital Management Inc. acquired a new position in M&T Bank during the 4th quarter worth approximately $59,418,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MTB shares. Citigroup lifted their price target on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a research note on Wednesday, April 10th. Royal Bank of Canada boosted their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, DA Davidson increased their target price on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus target price of $170.35.

Check Out Our Latest Stock Report on MTB

Insider Buying and Selling

In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the transaction, the director now owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the sale, the director now owns 6,348 shares of the company’s stock, valued at $939,567.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 87,415 shares of company stock worth $13,285,139. 0.82% of the stock is owned by insiders.

M&T Bank Price Performance

Shares of NYSE MTB traded down $2.72 during trading on Monday, reaching $172.18. The company had a trading volume of 827,797 shares, compared to its average volume of 1,046,060. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $176.44. The stock has a 50-day moving average price of $152.34 and a two-hundred day moving average price of $145.07. The stock has a market capitalization of $28.73 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 3.52 and a beta of 0.77.

M&T Bank (NYSE:MTB – Get Free Report) last announced its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $5.12 EPS. As a group, sell-side analysts predict that M&T Bank Co. will post 14.18 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a dividend of $1.35 per share. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.14%. M&T Bank’s dividend payout ratio is presently 36.51%.

M&T Bank Profile

(Free Report)

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.

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