Confluence Investment Management LLC boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 4.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 117,242 shares of the financial services provider’s stock after buying an additional 4,518 shares during the quarter. Confluence Investment Management LLC’s holdings in M&T Bank were worth $18,409,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pratt Collard Advisory Partners LLC boosted its stake in shares of M&T Bank by 2.7% during the first quarter. Pratt Collard Advisory Partners LLC now owns 11,160 shares of the financial services provider’s stock valued at $1,752,000 after purchasing an additional 296 shares during the period. Sciencast Management LP bought a new position in M&T Bank in the first quarter worth about $1,591,000. American Asset Management Inc. raised its holdings in M&T Bank by 5.8% in the first quarter. American Asset Management Inc. now owns 4,795 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 262 shares in the last quarter. Norway Savings Bank raised its holdings in M&T Bank by 8.3% in the first quarter. Norway Savings Bank now owns 4,695 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 360 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in M&T Bank in the first quarter worth about $337,000. 80.81% of the stock is owned by institutional investors.
In other news, CFO Darren J. King sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $164.56, for a total transaction of $1,645,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sabeth Siddique sold 365 shares of the company’s stock in a transaction that occurred on Tuesday, January 22nd. The stock was sold at an average price of $165.67, for a total value of $60,469.55. Following the transaction, the insider now directly owns 1,464 shares of the company’s stock, valued at $242,540.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,766 shares of company stock valued at $2,977,668. Corporate insiders own 0.54% of the company’s stock.
Shares of MTB stock opened at $168.28 on Wednesday. M&T Bank Co. has a fifty-two week low of $133.78 and a fifty-two week high of $187.07. The stock has a market cap of $22.67 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.06 and a current ratio of 1.01.
M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.30 by $0.05. M&T Bank had a return on equity of 14.46% and a net margin of 30.84%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the firm earned $2.23 earnings per share. Sell-side analysts predict that M&T Bank Co. will post 14.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a $1.00 dividend. The ex-dividend date was Friday, March 1st. This represents a $4.00 annualized dividend and a yield of 2.38%. M&T Bank’s dividend payout ratio is presently 31.10%.
MTB has been the subject of a number of recent research reports. Barclays reduced their target price on shares of M&T Bank from $210.00 to $203.00 and set an “overweight” rating for the company in a report on Wednesday, January 2nd. Morgan Stanley reduced their target price on shares of M&T Bank from $175.00 to $173.00 and set an “equal weight” rating for the company in a report on Tuesday, January 8th. UBS Group upgraded shares of M&T Bank from a “sell” rating to a “neutral” rating in a report on Tuesday, January 8th. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Thursday, January 17th. Finally, Zacks Investment Research upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $183.00 target price for the company in a report on Friday, January 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $178.67.
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About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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