Coho Partners Ltd. raised its holdings in shares of M&T Bank (NYSE:MTB) by 24.1% in the 1st quarter, Holdings Channel reports. The firm owned 1,744 shares of the financial services provider’s stock after purchasing an additional 339 shares during the quarter. Coho Partners Ltd.’s holdings in M&T Bank were worth $322,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. New Mexico Educational Retirement Board lifted its position in shares of M&T Bank by 2.1% during the fourth quarter. New Mexico Educational Retirement Board now owns 14,590 shares of the financial services provider’s stock worth $2,495,000 after purchasing an additional 300 shares during the last quarter. ETRADE Capital Management LLC increased its stake in shares of M&T Bank by 9.8% during the fourth quarter. ETRADE Capital Management LLC now owns 3,778 shares of the financial services provider’s stock valued at $646,000 after buying an additional 336 shares during the period. Strs Ohio increased its stake in shares of M&T Bank by 2.7% during the fourth quarter. Strs Ohio now owns 12,987 shares of the financial services provider’s stock valued at $2,220,000 after buying an additional 341 shares during the period. Stanley Laman Group Ltd. increased its stake in shares of M&T Bank by 10.1% during the first quarter. Stanley Laman Group Ltd. now owns 4,467 shares of the financial services provider’s stock valued at $824,000 after buying an additional 411 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in shares of M&T Bank by 3.6% during the fourth quarter. Crossmark Global Holdings Inc. now owns 11,891 shares of the financial services provider’s stock valued at $2,033,000 after buying an additional 417 shares during the period. Institutional investors and hedge funds own 80.32% of the company’s stock.
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In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $194.85, for a total transaction of $194,850.00. Following the sale, the director now owns 52,197 shares in the company, valued at $10,170,585.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert J. Bojdak sold 1,062 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $195.17, for a total value of $207,270.54. Following the sale, the insider now owns 22,071 shares in the company, valued at approximately $4,307,597.07. The disclosure for this sale can be found here. Insiders sold 3,037 shares of company stock worth $580,078 in the last quarter. 0.48% of the stock is owned by insiders.
MTB has been the topic of several research reports. UBS lowered M&T Bank from a “neutral” rating to a “sell” rating and set a $173.00 price target on the stock. in a research note on Tuesday, April 10th. Barclays raised their price target on M&T Bank from $205.00 to $210.00 and gave the company an “overweight” rating in a research note on Monday, February 26th. Wedbush raised their price target on M&T Bank from $190.00 to $193.00 and gave the company a “neutral” rating in a research note on Tuesday, April 17th. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “strong-buy” rating and set a $217.00 price target on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “buy” rating on shares of M&T Bank in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $179.06.
M&T Bank opened at $184.25 on Friday, according to MarketBeat Ratings. M&T Bank has a 1 year low of $183.17 and a 1 year high of $184.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $26.78 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 1.09 and a beta of 0.91.
M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 16th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.53). M&T Bank had a net margin of 23.12% and a return on equity of 10.91%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the firm earned $2.12 EPS. sell-side analysts predict that M&T Bank will post 12.47 EPS for the current fiscal year.
M&T Bank announced that its Board of Directors has authorized a share buyback program on Monday, February 5th that allows the company to buyback $745.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.74%. The ex-dividend date is Thursday, May 31st. This is a positive change from M&T Bank’s previous quarterly dividend of $0.75. M&T Bank’s payout ratio is 32.09%.
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 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.
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