Mascoma Wealth Management LLC purchased a new stake in M&T Bank Co. (NYSE:MTB – Get Rating) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 434 shares of the financial services provider’s stock, valued at approximately $69,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. AIA Group Ltd lifted its position in M&T Bank by 118.8% in the first quarter. AIA Group Ltd now owns 361 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 196 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in M&T Bank by 1.1% in the first quarter. Mutual of America Capital Management LLC now owns 17,175 shares of the financial services provider’s stock valued at $2,911,000 after acquiring an additional 184 shares during the last quarter. Arizona State Retirement System lifted its position in M&T Bank by 2.2% in the first quarter. Arizona State Retirement System now owns 35,820 shares of the financial services provider’s stock valued at $6,071,000 after acquiring an additional 785 shares during the last quarter. Sciencast Management LP purchased a new stake in M&T Bank in the first quarter valued at $1,695,000. Finally, DnB Asset Management AS lifted its position in M&T Bank by 34.9% in the second quarter. DnB Asset Management AS now owns 28,753 shares of the financial services provider’s stock valued at $4,583,000 after acquiring an additional 7,436 shares during the last quarter. 82.24% of the stock is owned by hedge funds and other institutional investors.
In other M&T Bank news, EVP D Scott N. Warman sold 2,000 shares of M&T Bank stock in a transaction on Friday, September 9th. The shares were sold at an average price of $188.55, for a total transaction of $377,100.00. Following the sale, the executive vice president now owns 8,349 shares in the company, valued at $1,574,203.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Michael J. Todaro sold 1,050 shares of the company’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $188.83, for a total value of $198,271.50. Following the completion of the sale, the executive vice president now directly owns 3,667 shares of the company’s stock, valued at approximately $692,439.61. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP D Scott N. Warman sold 2,000 shares of the stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $188.55, for a total value of $377,100.00. Following 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 have sold a total of 30,656 shares of company stock valued at $5,604,091 over the last 90 days. 0.73% of the stock is currently owned by company insiders.
M&T Bank Trading Down 1.3 %
M&T Bank (NYSE:MTB – Get Rating) last announced its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.10. M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the company posted $3.45 EPS. On average, equities analysts expect that M&T Bank Co. will post 15.19 earnings per share for the current year.
M&T Bank declared that its board has authorized a share repurchase program on Tuesday, July 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
M&T Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Wednesday, August 31st. M&T Bank’s dividend payout ratio is 44.61%.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of M&T Bank from $200.00 to $195.00 and set a “neutral” rating on the stock in a research note on Friday, July 1st. Wedbush boosted their price objective on shares of M&T Bank to $188.00 in a report on Friday, July 22nd. Citigroup boosted their price objective on shares of M&T Bank to $200.00 in a report on Friday, July 22nd. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Saturday, September 17th. Finally, Robert W. Baird raised shares of M&T Bank from a “neutral” rating to an “outperform” rating and upped their price target for the company from $175.00 to $200.00 in a report on Friday, June 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.64.
M&T Bank Profile
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.
- Get a free copy of the StockNews.com research report on M&T Bank (MTB)
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