Chartwell Investment Partners LLC lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 29,632 shares of the financial services provider’s stock after selling 384 shares during the quarter. Chartwell Investment Partners LLC’s holdings in M&T Bank were worth $3,081,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. State of Michigan Retirement System grew its position in M&T Bank by 8.7% during the second quarter. State of Michigan Retirement System now owns 32,799 shares of the financial services provider’s stock worth $3,410,000 after buying an additional 2,629 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in M&T Bank during the second quarter worth approximately $1,156,000. Chicago Capital LLC acquired a new stake in M&T Bank during the second quarter worth approximately $203,000. Mastrapasqua Asset Management Inc. acquired a new stake in M&T Bank during the second quarter worth approximately $676,000. Finally, Pratt Collard Advisory Partners LLC grew its position in M&T Bank by 4.9% during the second quarter. Pratt Collard Advisory Partners LLC now owns 16,315 shares of the financial services provider’s stock worth $1,696,000 after buying an additional 755 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.
MTB has been the subject of several recent analyst reports. Wells Fargo & Co upped their target price on M&T Bank from $120.00 to $135.00 in a research note on Friday, June 5th. Wolfe Research initiated coverage on M&T Bank in a research note on Friday. They set an “outperform” rating for the company. Odeon Capital Group cut M&T Bank from a “buy” rating to a “sell” rating and set a $79.30 target price for the company. in a research note on Monday, May 18th. Royal Bank of Canada cut their target price on M&T Bank from $148.00 to $130.00 in a research note on Thursday, July 2nd. Finally, Nomura restated a “hold” rating and set a $107.00 target price on shares of M&T Bank in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $138.91.
In related news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $112.64, for a total value of $112,640.00. Following the sale, the executive vice president now directly owns 1,789 shares in the company, valued at $201,512.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.
NYSE:MTB opened at $105.95 on Friday. The stock has a market cap of $13.59 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 4.21 and a beta of 1.22. The company has a current ratio of 1.02, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average is $103.81 and its 200-day moving average is $121.08. M&T Bank Co. has a 1-year low of $85.09 and a 1-year high of $174.00.
M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $1.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.11. M&T Bank had a return on equity of 10.22% and a net margin of 22.36%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the prior year, the business posted $3.37 earnings per share. As a group, equities analysts forecast that M&T Bank Co. will post 8.97 EPS for the current year.
M&T Bank Company Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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