Algebris UK Ltd decreased its position in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 50.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,405 shares of the financial services provider’s stock after selling 101,426 shares during the quarter. M&T Bank accounts for about 6.4% of Algebris UK Ltd’s holdings, making the stock its 6th biggest position. Algebris UK Ltd owned about 0.06% of M&T Bank worth $12,468,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Clear Street Markets LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $25,000. Stonebridge Capital Advisors LLC boosted its stake in shares of M&T Bank by 1,980.0% during the 2nd quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 198 shares in the last quarter. RVW Wealth LLC purchased a new stake in M&T Bank in the 3rd quarter valued at approximately $27,000. Quarry LP purchased a new stake in M&T Bank in the 1st quarter valued at approximately $27,000. Finally, Sunbelt Securities Inc. purchased a new stake in M&T Bank in the 1st quarter valued at approximately $27,000. Hedge funds and other institutional investors own 82.86% of the company’s stock.
M&T Bank Stock Up 4.9 %
NYSE MTB traded up $6.51 during trading hours on Friday, hitting $139.39. The company had a trading volume of 2,497,218 shares, compared to its average volume of 839,934. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $161.99. The company has a market capitalization of $23.13 billion, a price-to-earnings ratio of 8.83, a P/E/G ratio of 1.32 and a beta of 0.84. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.93 and a quick ratio of 0.98. The firm’s 50 day moving average is $132.82 and its 200 day moving average is $128.84.
M&T Bank (NYSE:MTB – Get Free Report) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.36). M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. The company had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the company posted $4.57 earnings per share. Sell-side analysts anticipate that M&T Bank Co. will post 14.15 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were issued a $1.30 dividend. The ex-dividend date was Thursday, November 30th. This represents a $5.20 annualized dividend and a yield of 3.73%. M&T Bank’s dividend payout ratio is currently 32.95%.
Insider Activity at M&T Bank
In other news, CFO Daryl N. Bible acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was bought at an average cost of $111.04 per share, with a total value of $555,200.00. Following the transaction, the chief financial officer now directly owns 32,876 shares in the company, valued at approximately $3,650,551.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $110.58, for a total value of $110,580.00. Following the completion of the transaction, the executive vice president now directly owns 6,055 shares of the company’s stock, valued at approximately $669,561.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daryl N. Bible acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was purchased at an average cost of $111.04 per share, with a total value of $555,200.00. Following the completion of the transaction, the chief financial officer now owns 32,876 shares in the company, valued at $3,650,551.04. The disclosure for this purchase can be found here. In the last three months, insiders sold 80,122 shares of company stock worth $10,539,328. Corporate insiders own 0.97% of the company’s stock.
Analyst Ratings Changes
MTB has been the topic of a number of recent research reports. Wedbush reduced their target price on M&T Bank from $147.00 to $140.00 and set an “outperform” rating on the stock in a research note on Thursday, October 19th. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Bank of America cut their price target on M&T Bank from $142.00 to $141.00 in a report on Tuesday, October 10th. Odeon Capital Group downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $133.65 price target for the company. in a report on Friday, September 29th. Finally, Jefferies Financial Group cut their price target on M&T Bank from $136.00 to $130.00 in a report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average target price of $148.44.
Read Our Latest Analysis on M&T Bank
M&T Bank Company Profile
M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that offer retail and commercial banking products and services in the United States. The company’s Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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