Berkshire Asset Management LLC PA Acquires 791 Shares of M&T Bank Co. (MTB)

Berkshire Asset Management LLC PA lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 0.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 177,504 shares of the financial services provider’s stock after acquiring an additional 791 shares during the period. M&T Bank makes up approximately 2.4% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 7th largest holding. Berkshire Asset Management LLC PA’s holdings in M&T Bank were worth $27,872,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. BTIM Corp. boosted its position in M&T Bank by 169.2% in the first quarter. BTIM Corp. now owns 209,640 shares of the financial services provider’s stock valued at $32,918,000 after buying an additional 131,773 shares during the last quarter. Armbruster Capital Management Inc. boosted its position in M&T Bank by 55.2% in the first quarter. Armbruster Capital Management Inc. now owns 2,184 shares of the financial services provider’s stock valued at $343,000 after buying an additional 777 shares during the last quarter. Confluence Investment Management LLC boosted its position in M&T Bank by 4.0% in the first quarter. Confluence Investment Management LLC now owns 117,242 shares of the financial services provider’s stock valued at $18,409,000 after buying an additional 4,518 shares during the last quarter. Pratt Collard Advisory Partners LLC boosted its position in M&T Bank by 2.7% in 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 buying an additional 296 shares during the last quarter. Finally, Sciencast Management LP purchased a new stake in M&T Bank in the first quarter valued at approximately $1,591,000. Institutional investors and hedge funds own 80.81% of the company’s stock.

NYSE:MTB traded up $4.56 during trading hours on Tuesday, reaching $168.28. The company had a trading volume of 951,306 shares, compared to its average volume of 724,588. M&T Bank Co. has a 1-year low of $133.78 and a 1-year high of $187.07. The company has a market capitalization of $22.67 billion, a PE ratio of 13.09, a PEG ratio of 1.53 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.59.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.30 by $0.05. M&T Bank had a return on equity of 14.24% and a net margin of 29.72%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the company posted $2.23 earnings per share. Equities research analysts predict that M&T Bank Co. will post 14.58 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is 31.10%.

A number of equities research analysts recently commented on MTB shares. Barclays reiterated a “buy” rating and issued a $207.00 target price on shares of M&T Bank in a research report on Thursday, February 21st. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $183.00 target price on the stock in a research report on Friday, January 18th. Morgan Stanley dropped their target price on M&T Bank from $175.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 8th. ValuEngine upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Thursday, January 17th. Finally, Wedbush set a $165.00 price target on M&T Bank and gave the company a “hold” rating in a report on Friday, January 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $178.67.

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.

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

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