VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in M&T Bank Corporation (NYSE:MTB – Free Report) by 420.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,000 shares of the financial services provider’s stock after acquiring an additional 10,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in M&T Bank were worth $2,829,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in M&T Bank during the second quarter valued at approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of M&T Bank by 2.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after buying an additional 26,486 shares in the last quarter. Davis Asset Management L.P. bought a new position in shares of M&T Bank during the 2nd quarter worth approximately $97,584,000. Hsbc Holdings PLC lifted its position in shares of M&T Bank by 18.9% during the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after buying an additional 62,877 shares during the period. Finally, Amundi lifted its position in shares of M&T Bank by 7.7% during the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after buying an additional 27,795 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.
Insiders Place Their Bets
In other news, CEO René Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 20,028 shares of company stock worth $4,794,884. 0.44% of the stock is owned by corporate insiders.
M&T Bank Trading Up 1.7%
NYSE MTB opened at $224.41 on Tuesday. M&T Bank Corporation has a one year low of $179.75 and a one year high of $255.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $32.41 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.27 and a beta of 0.61. The stock’s 50-day moving average is $225.91 and its 200-day moving average is $225.10.
M&T Bank (NYSE:MTB – Get Free Report) last released its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. During the same quarter in the prior year, the company earned $4.82 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 19.48 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Tuesday, September 1st. M&T Bank’s payout ratio is presently 31.32%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on MTB. UBS Group cut their price objective on M&T Bank from $255.00 to $238.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Citigroup upped their price objective on shares of M&T Bank from $225.00 to $230.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Royal Bank Of Canada lowered their target price on M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Robert W. Baird upped their price objective on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, DA Davidson lowered their price target on shares of M&T Bank from $262.00 to $258.00 and set a “neutral” rating for the company in a research report on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $244.89.
View Our Latest Stock Analysis on MTB
M&T Bank Profile
M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.
The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.
M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.
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