Andra AP fonden Increases Holdings in M&T Bank Co. (NYSE:MTB)
Andra AP fonden lifted its holdings in M&T Bank Co. (NYSE:MTB) by 20.0% in the third quarter, HoldingsChannel.com reports. The fund owned 13,800 shares of the financial services provider’s stock after buying an additional 2,300 shares during the quarter. Andra AP fonden’s holdings in M&T Bank were worth $2,180,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Usca Ria LLC purchased a new position in M&T Bank in the 3rd quarter worth approximately $25,000. North Star Investment Management Corp. purchased a new position in shares of M&T Bank in the third quarter worth $32,000. HM Payson & Co. purchased a new position in shares of M&T Bank in the second quarter worth $51,000. CSat Investment Advisory L.P. boosted its position in shares of 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 acquiring an additional 229 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in M&T Bank in the 2nd quarter valued at $79,000. 81.65% of the stock is owned by hedge funds and other institutional investors.
In other M&T Bank news, COO Richard S. Gold sold 4,093 shares of M&T Bank stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $169.43, for a total transaction of $693,476.99. Following the completion of the transaction, the chief operating officer now directly owns 38,936 shares of the company’s stock, valued at $6,596,926.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Darren J. King sold 3,968 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $162.59, for a total transaction of $645,157.12. Following the transaction, the chief financial officer now owns 42,295 shares in the company, valued at approximately $6,876,744.05. The disclosure for this sale can be found here. Insiders have sold a total of 24,466 shares of company stock worth $4,078,074 in the last 90 days. 0.54% of the stock is currently owned by insiders.
M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $3.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.12). The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.53 billion. M&T Bank had a net margin of 28.58% and a return on equity of 13.82%. During the same period in the previous year, the business earned $3.53 earnings per share. As a group, equities research analysts anticipate that M&T Bank Co. will post 13.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from M&T Bank’s previous quarterly dividend of $1.00. M&T Bank’s dividend payout ratio is presently 34.21%.
MTB has been the subject of a number of research analyst reports. Citigroup cut their price objective on M&T Bank from $155.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, October 18th. Barclays decreased their target price on M&T Bank from $206.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Morgan Stanley decreased their target price on M&T Bank from $175.00 to $172.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Wedbush dropped their price target on M&T Bank from $166.00 to $163.00 and set a “neutral” rating for the company in a research note on Friday, October 18th. Finally, ValuEngine upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $167.83.
About M&T Bank
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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