Guggenheim Capital LLC trimmed its stake in M&T Bank Co. (NYSE:MTB) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 228,283 shares of the financial services provider’s stock after selling 3,828 shares during the period. Guggenheim Capital LLC’s holdings in M&T Bank were worth $39,034,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the company. Nationwide Fund Advisors increased its stake in M&T Bank by 1.5% during the 3rd quarter. Nationwide Fund Advisors now owns 122,080 shares of the financial services provider’s stock worth $19,660,000 after buying an additional 1,803 shares during the period. New York State Common Retirement Fund increased its stake in M&T Bank by 1.9% during the 3rd quarter. New York State Common Retirement Fund now owns 319,900 shares of the financial services provider’s stock worth $51,517,000 after buying an additional 6,000 shares during the period. Russell Investments Group Ltd. increased its stake in M&T Bank by 45.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 206,197 shares of the financial services provider’s stock worth $33,203,000 after buying an additional 64,911 shares during the period. Chartwell Investment Partners LLC increased its stake in M&T Bank by 68.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 5,825 shares of the financial services provider’s stock worth $938,000 after buying an additional 2,375 shares during the period. Finally, Cutler Investment Counsel LLC increased its stake in M&T Bank by 1.9% during the 3rd quarter. Cutler Investment Counsel LLC now owns 55,260 shares of the financial services provider’s stock worth $8,899,000 after buying an additional 1,051 shares during the period. 77.61% of the stock is currently owned by institutional investors and hedge funds.
MTB has been the topic of several recent research reports. Jefferies Group reaffirmed a “buy” rating and set a $201.00 target price on shares of M&T Bank in a research note on Monday, January 8th. Barclays upped their target price on shares of M&T Bank from $175.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. UBS raised shares of M&T Bank from a “sell” rating to a “neutral” rating and upped their target price for the stock from $150.00 to $173.00 in a research note on Tuesday, December 12th. Wells Fargo set a $180.00 target price on shares of M&T Bank and gave the stock a “hold” rating in a research note on Wednesday, December 20th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of M&T Bank in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $176.41.
Shares of M&T Bank Co. (MTB) opened at $189.29 on Tuesday. M&T Bank Co. has a 52-week low of $141.12 and a 52-week high of $197.37. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $28,589.17, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 1.22 and a beta of 0.88.
M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.26. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business posted $1.98 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. equities research analysts anticipate that M&T Bank Co. will post 12.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 5th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, March 2nd. M&T Bank’s payout ratio is 34.52%.
M&T Bank announced that its Board of Directors has authorized a share buyback program on Monday, February 5th that allows the company to buyback $745.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider D Scott N. Warman sold 22,083 shares of the company’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $187.97, for a total value of $4,150,941.51. Following the completion of the transaction, the insider now owns 33,941 shares in the company, valued at approximately $6,379,889.77. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michele D. Trolli sold 6,000 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $187.35, for a total transaction of $1,124,100.00. Following the completion of the transaction, the vice president now owns 8,978 shares of the company’s stock, valued at approximately $1,682,028.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,091 shares of company stock valued at $13,594,655. Company insiders own 0.48% of the company’s stock.
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About M&T Bank
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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