Gateway Investment Advisers LLC purchased a new position in shares of M&T Bank Co. (NYSE:MTB – Get Rating) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,661 shares of the financial services provider’s stock, valued at approximately $2,656,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Capital World Investors acquired a new stake in shares of M&T Bank in the first quarter valued at approximately $982,517,000. BlackRock Inc. increased its stake in shares of M&T Bank by 8.8% in the 1st quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock valued at $1,914,040,000 after buying an additional 915,914 shares during the period. Wellington Management Group LLP lifted its stake in shares of M&T Bank by 9.9% during the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider’s stock valued at $1,459,815,000 after acquiring an additional 777,422 shares during the period. Invesco Ltd. boosted its holdings in M&T Bank by 20.6% in the first quarter. Invesco Ltd. now owns 4,119,471 shares of the financial services provider’s stock valued at $698,252,000 after acquiring an additional 702,716 shares during the last quarter. Finally, Castleview Partners LLC acquired a new stake in M&T Bank in the fourth quarter worth about $4,106,000. Institutional investors own 82.24% of the company’s stock.
Analyst Ratings Changes
MTB has been the topic of a number of research reports. Jefferies Financial Group cut their target price on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Morgan Stanley raised their price objective on shares of M&T Bank from $203.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Wedbush increased their price target on M&T Bank to $188.00 in a research note on Friday, July 22nd. TheStreet cut M&T Bank from a “b” rating to a “c+” rating in a research note on Wednesday, July 20th. Finally, Barclays cut their target price on M&T Bank from $280.00 to $238.00 and set an “overweight” rating on the stock in a research note on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Moderate Buy” and a consensus price target of $202.64.
M&T Bank Price Performance
M&T Bank (NYSE:MTB – Get Rating) last posted its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share for the quarter, hitting the consensus estimate of $3.10. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $2.05 billion. M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. During the same quarter in the previous year, the firm earned $3.45 EPS. As a group, sell-side analysts predict that M&T Bank Co. will post 15.19 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Wednesday, August 31st. M&T Bank’s dividend payout ratio is currently 44.61%.
M&T Bank announced that its board has initiated a share repurchase program on Tuesday, July 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Kirk W. Walters sold 21,116 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $180.00, for a total value of $3,800,880.00. Following the sale, the director now directly owns 6,134 shares of the company’s stock, valued at approximately $1,104,120. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 21,116 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $180.00, for a total transaction of $3,800,880.00. Following the transaction, the director now owns 6,134 shares of the company’s stock, valued at $1,104,120. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP D Scott N. Warman sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $188.55, for a total value of $377,100.00. Following the completion of the sale, the executive vice president now directly owns 8,349 shares of the company’s stock, valued at $1,574,203.95. The disclosure for this sale can be found here. Insiders sold a total of 30,656 shares of company stock valued at $5,604,091 in the last quarter. Company insiders own 0.73% of the company’s stock.
About M&T Bank
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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