Toronto Dominion Bank Raises Holdings in M&T Bank Co. (NYSE:MTB)

Toronto Dominion Bank lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,867 shares of the financial services provider’s stock after buying an additional 6,817 shares during the period. Toronto Dominion Bank owned about 0.07% of M&T Bank worth $16,470,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in M&T Bank by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 746,514 shares of the financial services provider’s stock valued at $106,839,000 after purchasing an additional 9,307 shares in the last quarter. Geode Capital Management LLC increased its stake in M&T Bank by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 2,013,252 shares of the financial services provider’s stock valued at $287,704,000 after purchasing an additional 95,142 shares in the last quarter. First Republic Investment Management Inc. increased its stake in M&T Bank by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 3,591 shares of the financial services provider’s stock valued at $564,000 after purchasing an additional 144 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in M&T Bank by 3.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 10,463 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 387 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its stake in M&T Bank by 22.7% in the 1st quarter. First Allied Advisory Services Inc. now owns 3,957 shares of the financial services provider’s stock valued at $620,000 after purchasing an additional 732 shares in the last quarter. 82.11% of the stock is owned by institutional investors and hedge funds.

In other news, EVP William J. Farrell II sold 3,070 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $163.82, for a total transaction of $502,927.40. Following the sale, the executive vice president now owns 10,774 shares in the company, valued at $1,764,996.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,108 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $150.96, for a total value of $167,263.68. Following the sale, the executive vice president now owns 1,371 shares in the company, valued at approximately $206,966.16. The disclosure for this sale can be found here. Insiders have sold 4,828 shares of company stock worth $770,668 in the last 90 days. Insiders own 0.54% of the company’s stock.

NYSE:MTB traded up $2.40 during trading hours on Friday, reaching $159.19. 255,070 shares of the company traded hands, compared to its average volume of 602,809. The firm’s 50-day moving average is $151.67 and its 200-day moving average is $162.94. The stock has a market cap of $21.28 billion, a P/E ratio of 12.38, a P/E/G ratio of 2.17 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.06 and a quick ratio of 1.06. M&T Bank Co. has a 1-year low of $133.78 and a 1-year high of $176.11.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, July 18th. The financial services provider reported $3.34 EPS for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company posted $3.26 EPS. As a group, research analysts predict that M&T Bank Co. will post 13.88 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Friday, August 30th. M&T Bank’s dividend payout ratio (DPR) is 31.10%.

Several research firms recently weighed in on MTB. Piper Jaffray Companies downgraded M&T Bank from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $196.00 to $168.00 in a research note on Monday, July 22nd. Zacks Investment Research downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $179.00 price objective for the company. in a research note on Monday, July 1st. Macquarie set a $158.00 price objective on M&T Bank and gave the company a “sell” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. increased their target price on M&T Bank from $173.00 to $174.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Finally, Barclays lowered their target price on M&T Bank from $217.00 to $206.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $176.77.

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.

Further Reading: The limitations of an equal weight rating

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

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