CIBC World Markets Inc. Takes Position in M&T Bank Co. (MTB)

CIBC World Markets Inc. bought a new position in M&T Bank Co. (NYSE:MTB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 9,358 shares of the financial services provider’s stock, valued at approximately $1,540,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amica Retiree Medical Trust bought a new stake in M&T Bank during the 3rd quarter valued at $108,000. Sageworth Trust Co raised its stake in M&T Bank by 220.0% during the 3rd quarter. Sageworth Trust Co now owns 800 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 550 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in M&T Bank by 8,330.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 843 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 833 shares in the last quarter. NEXT Financial Group Inc bought a new stake in M&T Bank during the 3rd quarter valued at $165,000. Finally, Greenleaf Trust bought a new stake in M&T Bank during the 3rd quarter valued at $205,000. Institutional investors own 82.46% of the company’s stock.

MTB opened at $169.01 on Monday. M&T Bank Co. has a one year low of $154.33 and a one year high of $197.37. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $23.72 billion, a PE ratio of 18.08, a PEG ratio of 1.07 and a beta of 0.86.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, October 17th. The financial services provider reported $3.53 EPS for the quarter, topping the Zacks’ consensus estimate of $3.35 by $0.18. M&T Bank had a return on equity of 13.15% and a net margin of 26.84%. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the business earned $2.21 EPS. On average, research analysts forecast that M&T Bank Co. will post 13.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 3rd will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Friday, November 30th. M&T Bank’s dividend payout ratio is presently 42.78%.

Several analysts have weighed in on MTB shares. Zacks Investment Research downgraded M&T Bank from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. Morgan Stanley cut their target price on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Vining Sparks reaffirmed a “buy” rating and set a $220.00 target price on shares of M&T Bank in a research note on Tuesday, October 9th. Nomura cut their target price on M&T Bank from $195.00 to $178.00 and set a “neutral” rating on the stock in a research note on Thursday, October 18th. Finally, ValuEngine downgraded M&T Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $184.36.

In other news, Director Denis J. Salamone sold 25,209 shares of the business’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total value of $4,531,569.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Robert J. Bojdak sold 934 shares of the business’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $164.50, for a total value of $153,643.00. Following the completion of the sale, the executive vice president now directly owns 19,567 shares in the company, valued at approximately $3,218,771.50. The disclosure for this sale can be found here. Insiders sold a total of 27,873 shares of company stock worth $4,972,269 in the last three months. Company insiders own 0.48% of the company’s stock.

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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 retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.

Further Reading: Terms to Better Understand Call Options

Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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