M&T Bank Co. (NYSE:MTB) Stake Lifted by State Street Corp

State Street Corp lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.4% during the third quarter, Holdings Channel.com reports. The fund owned 8,773,439 shares of the financial services provider’s stock after purchasing an additional 527,854 shares during the period. State Street Corp owned 0.05% of M&T Bank worth $1,562,725,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stifel Financial Corp lifted its holdings in shares of M&T Bank by 11.2% in the third quarter. Stifel Financial Corp now owns 393,624 shares of the financial services provider’s stock valued at $70,113,000 after buying an additional 39,759 shares during the period. Quantinno Capital Management LP raised its position in M&T Bank by 27.4% in the third quarter. Quantinno Capital Management LP now owns 30,825 shares of the financial services provider’s stock worth $5,491,000 after acquiring an additional 6,626 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in M&T Bank by 2.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 67,648 shares of the financial services provider’s stock valued at $12,049,000 after acquiring an additional 1,534 shares during the last quarter. Resurgent Financial Advisors LLC boosted its position in shares of M&T Bank by 16.4% during the 3rd quarter. Resurgent Financial Advisors LLC now owns 2,656 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 374 shares in the last quarter. Finally, NFJ Investment Group LLC acquired a new position in shares of M&T Bank in the 3rd quarter worth approximately $4,039,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.6 %

Shares of NYSE:MTB opened at $211.24 on Friday. The firm has a fifty day moving average of $199.53 and a two-hundred day moving average of $173.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12-month low of $128.31 and a 12-month high of $225.70. The firm has a market capitalization of $35.05 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 3.02 and a beta of 0.76.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities analysts expect that M&T Bank Co. will post 14.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.56%. M&T Bank’s dividend payout ratio is currently 39.97%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MTB shares. Bank of America raised their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday. Evercore ISI boosted their target price on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. DA Davidson upped their target price on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group lifted their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $209.32.

Insider Activity at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the transaction, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,994 shares of company stock valued at $17,211,278. 0.82% of the stock is currently owned by corporate insiders.

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.