Pictet Asset Management Ltd. boosted its holdings in M&T Bank Co. (NYSE:MTB) by 7.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 73,059 shares of the financial services provider’s stock after acquiring an additional 5,200 shares during the quarter. Pictet Asset Management Ltd. owned about 0.06% of M&T Bank worth $11,541,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in MTB. Usca Ria LLC purchased a new position in shares of M&T Bank in the third quarter valued at $25,000. North Star Investment Management Corp. purchased a new position in shares of M&T Bank in the third quarter valued at $32,000. HM Payson & Co. purchased a new position in shares of M&T Bank in the second quarter valued at $51,000. CSat Investment Advisory L.P. increased its position in shares of M&T Bank by 305.3% in the second quarter. CSat Investment Advisory L.P. now owns 304 shares of the financial services provider’s stock valued at $52,000 after buying an additional 229 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of M&T Bank in the second quarter valued at $79,000. Hedge funds and other institutional investors own 81.65% of the company’s stock.
A number of brokerages have recently weighed in on MTB. UBS Group dropped their price target on M&T Bank from $164.00 to $161.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Citigroup decreased their price objective on M&T Bank from $155.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, October 18th. ValuEngine raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. Morgan Stanley decreased their price objective on M&T Bank from $175.00 to $172.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group lowered M&T Bank from a “buy” rating to a “hold” rating and decreased their price objective for the company from $185.00 to $167.00 in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $167.83.
In other news, CFO Darren J. King sold 3,968 shares of M&T Bank stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $162.59, for a total value of $645,157.12. Following the transaction, the chief financial officer now directly owns 42,295 shares of the company’s stock, valued at approximately $6,876,744.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John L. Dangelo sold 650 shares of M&T Bank stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $154.58, for a total value of $100,477.00. Following the completion of the transaction, the executive vice president now directly owns 3,016 shares in the company, valued at $466,213.28. The disclosure for this sale can be found here. Insiders sold a total of 24,466 shares of company stock worth $4,078,074 over the last ninety days. Corporate insiders own 0.54% of the company’s stock.
MTB opened at $164.61 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.48. The firm has a market cap of $22.00 billion, a P/E ratio of 12.80, a PEG ratio of 1.34 and a beta of 1.11. M&T Bank Co. has a 52 week low of $133.78 and a 52 week high of $176.11. The business’s fifty day simple moving average is $161.32 and its 200 day simple moving average is $160.08.
M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $3.47 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.12). M&T Bank had a net margin of 28.58% and a return on equity of 13.82%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business earned $3.53 EPS. As a group, equities analysts expect that M&T Bank Co. will post 13.65 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a $1.10 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 29th. M&T Bank’s payout ratio is currently 31.10%.
M&T Bank Company Profile
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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