Fulton Bank NA boosted its holdings in M&T Bank Co. (NYSE: MTB – Get Rating) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,218 shares of the financial services provider’s stock after buying an additional 150 shares during the period. Fulton Bank NA’s holdings in M&T Bank were worth $ 376,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of MTB. Marshall Wace LLP raised its holdings in shares of M&T Bank by 355.8% in the 1st quarter. Marshall Wace LLP now owns 2,147 shares of the financial services provider’s stock worth $ 337,000 after purchasing an additional 1,676 shares during the period. Morgan Stanley raised its holdings in shares of M&T Bank by 14.7% in the 2nd quarter. Morgan Stanley now owns 475,221 shares of the financial services provider’s stock worth $ 69,054,000 after purchasing an additional 60,944 shares during the period. LPL Financial LLC raised its holdings in shares of M&T Bank by 20.2% in the 3rd quarter. LPL Financial LLC now owns 54,557 shares of the financial services provider’s stock worth $ 8,148,000 after purchasing an additional 9,153 shares during the period. Toroso Investments LLC purchased a new position in shares of M&T Bank in the 3rd quarter worth about $ 201,000. Finally, Corient Capital Partners LLC purchased a new position in shares of M&T Bank in the 3rd quarter worth about $ 217,000. 87.61% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Christopher E. Kay sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $ 178.83, for a total transaction of $ 393,426.00. Following the completion of the transaction, the executive vice president now owns 5,350 shares in the company, valued at approximately $ 956,740.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Kevin J. Pearson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $ 169.71, for a total value of $ 848,550.00. Following the transaction, the insider now owns 39,008 shares of the company stock, valued at approximately $ 6,620,047.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,725 shares of company stock valued at $ 1,335,332. Insiders own 0.73% of the company stock.
A number of equities analysts have recently commented on MTB shares. The Goldman Sachs Group raised their price target on M&T Bank from $ 183.00 to $ 210.00 and gave the stock a “neutral” rating in a report on Monday, April 4th. Wells Fargo & Company raised their target price on M&T Bank from $ 180.00 to $ 195.00 and gave the company an “equal weight” rating in a report on Thursday, April 21st. JPMorgan Chase & Co. initiated coverage on M&T Bank in a report on Thursday, April 14th. They set a “neutral” rating on the stock. Morgan Stanley upgraded M&T Bank from an “underweight” rating to an “overweight” rating and raised their target price for the company from $ 179.00 to $ 238.00 in a report on Thursday, April 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on M&T Bank from $ 180.00 to $ 200.00 in a report on Friday, March 25th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $ 194.62.
MTB stock opened at $ 162.34 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.21. M&T Bank Co. has a 52-week low of $ 128.46 and a 52-week high of $ 186.95. The stock’s 50 day moving average is $ 169.43 and its two-hundred day moving average is $ 169.86. The company has a market capitalization of $ 29.13 billion, a PE ratio of 12.40, a P / E / G ratio of 0.94 and a beta of 0.86.
M&T Bank (NYSE: MTB – Get Rating) last issued its earnings results on Wednesday, April 20th. The financial services provider reported $ 2.73 EPS for the quarter, topping the consensus estimate of $ 2.26 by $ 0.47. The company had revenue of $ 1.45 billion during the quarter, compared to analyst estimates of $ 1.43 billion. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same quarter last year, the firm earned $ 3.41 EPS. As a group, sell-side analysts anticipate that M&T Bank Co. will post 14.11 EPS for the current year.
M&T Bank declared that its board has initiated a share buyback plan on Tuesday, February 22nd that authorizes the company to buyback $ 800.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st will be given a $ 1.20 dividend. The ex-dividend date is Tuesday, May 31st. This represents a $ 4.80 annualized dividend and a dividend yield of 2.96%. M&T Bank’s payout ratio is 36.67%.
M&T Bank Profile: (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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