Hexavest Inc. lessened its position in shares of M&T Bank Co. (NYSE:MTB) by 0.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 209,159 shares of the financial services provider’s stock after selling 98 shares during the quarter. Hexavest Inc. owned approximately 0.16% of M&T Bank worth $33,041,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in MTB. North Star Investment Management Corp. purchased a new position in M&T Bank during the third quarter worth about $32,000. Webster Bank N. A. purchased a new position in M&T Bank during the second quarter worth about $43,000. HM Payson & Co. purchased a new position in M&T Bank during the second quarter worth about $51,000. CSat Investment Advisory L.P. raised its stake in M&T Bank by 305.3% during the second quarter. CSat Investment Advisory L.P. now owns 304 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 229 shares during the period. Finally, CX Institutional raised its stake in M&T Bank by 24.8% during the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 74 shares during the period. Institutional investors own 82.08% of the company’s stock.
In related news, EVP Doris P. Meister sold 1,108 shares of M&T Bank stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $150.96, for a total value of $167,263.68. Following the completion of the transaction, the executive vice president now owns 1,371 shares in the company, valued at $206,966.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William J. Farrell II sold 3,070 shares of M&T Bank stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 10,774 shares of the company’s stock, valued at approximately $1,764,996.68. The disclosure for this sale can be found here. Insiders sold 4,828 shares of company stock valued at $770,668 in the last 90 days. Company insiders own 0.54% of the company’s stock.
M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.34 earnings per share for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.36). The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. During the same quarter in the prior year, the business earned $3.26 earnings per share. As a group, sell-side analysts expect that M&T Bank Co. will post 13.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, August 30th. M&T Bank’s dividend payout ratio (DPR) is currently 31.10%.
A number of equities analysts have commented on MTB shares. JPMorgan Chase & Co. lifted their target price on shares of M&T Bank from $173.00 to $174.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Barclays reduced their target price on shares of M&T Bank from $217.00 to $206.00 and set an “overweight” rating on the stock in a research note on Friday, July 19th. Piper Jaffray Companies downgraded shares of M&T Bank from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $196.00 to $168.00 in a research note on Monday, July 22nd. Odeon Capital Group began coverage on shares of M&T Bank in a research note on Friday, September 27th. They set a “hold” rating on the stock. Finally, Zacks Investment Research cut shares of M&T Bank from a “hold” rating to a “sell” rating and set a $166.00 price target for the company. in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $171.62.
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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