Grimes & Company Inc. Has $331,000 Stake in M&T Bank Co. (NYSE:MTB)

Grimes & Company Inc. boosted its stake in M&T Bank Co. (NYSE:MTB) by 16.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,274 shares of the financial services provider’s stock after buying an additional 328 shares during the period. Grimes & Company Inc.’s holdings in M&T Bank were worth $331,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. O Shaughnessy Asset Management LLC lifted its stake in shares of M&T Bank by 26.1% during the third quarter. O Shaughnessy Asset Management LLC now owns 8,964 shares of the financial services provider’s stock valued at $1,133,000 after acquiring an additional 1,853 shares during the period. Bank of Nova Scotia increased its holdings in M&T Bank by 13.1% in the third quarter. Bank of Nova Scotia now owns 16,354 shares of the financial services provider’s stock valued at $2,068,000 after purchasing an additional 1,900 shares during the last quarter. Rehmann Capital Advisory Group increased its holdings in M&T Bank by 12.2% in the third quarter. Rehmann Capital Advisory Group now owns 2,287 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 249 shares during the last quarter. Lazard Asset Management LLC increased its holdings in M&T Bank by 45.7% in the third quarter. Lazard Asset Management LLC now owns 5,745 shares of the financial services provider’s stock valued at $725,000 after purchasing an additional 1,803 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in M&T Bank by 371.7% in the third quarter. AQR Capital Management LLC now owns 58,099 shares of the financial services provider’s stock valued at $7,347,000 after purchasing an additional 45,783 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MTB. Wells Fargo & Company upped their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Evercore ISI increased their price target on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday. Bank of America increased their price target on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. DA Davidson restated a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. Finally, Jefferies Financial Group increased their price target on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $161.51.

M&T Bank Stock Up 2.5 %

Shares of NYSE:MTB traded up $3.71 during mid-day trading on Friday, reaching $151.36. 1,989,882 shares of the stock were exchanged, compared to its average volume of 757,229. The stock’s 50 day simple moving average is $148.32 and its 200-day simple moving average is $142.00. M&T Bank Co. has a one year low of $108.53 and a one year high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $25.25 billion, a P/E ratio of 10.23, a P/E/G ratio of 2.90 and a beta of 0.78.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the company posted $4.09 earnings per share. As a group, equities research analysts predict that M&T Bank Co. will post 13.99 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 3.57%. M&T Bank’s dividend payout ratio is 36.51%.

Insider Activity

In other news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at $5,481,660. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $148.01, for a total value of $2,394,653.79. Following the completion of the sale, the director now directly owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The disclosure for this sale can be found here. Insiders sold a total of 97,553 shares of company stock valued at $14,724,147 over the last three months. Insiders own 0.82% of the company’s stock.

M&T Bank Profile

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.