M&T Bank Co. (MTB) Holdings Raised by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 6.9% in the 1st quarter, Holdings Channel reports. The firm owned 815,318 shares of the financial services provider’s stock after buying an additional 52,657 shares during the period. The Manufacturers Life Insurance Company’s holdings in M&T Bank were worth $150,311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. Victory Capital Management Inc. lifted its stake in shares of M&T Bank by 9.8% in the 4th quarter. Victory Capital Management Inc. now owns 18,045 shares of the financial services provider’s stock valued at $3,086,000 after acquiring an additional 1,612 shares during the last quarter. Millennium Management LLC lifted its stake in shares of M&T Bank by 1,688.7% in the 4th quarter. Millennium Management LLC now owns 1,025,822 shares of the financial services provider’s stock valued at $175,405,000 after acquiring an additional 968,471 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its stake in shares of M&T Bank by 3.5% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 52,337 shares of the financial services provider’s stock valued at $8,949,000 after acquiring an additional 1,746 shares during the last quarter. AMP Capital Investors Ltd lifted its stake in shares of M&T Bank by 14.5% in the 4th quarter. AMP Capital Investors Ltd now owns 90,662 shares of the financial services provider’s stock valued at $15,501,000 after acquiring an additional 11,481 shares during the last quarter. Finally, Berkshire Asset Management LLC PA lifted its stake in shares of M&T Bank by 2.0% in the 1st quarter. Berkshire Asset Management LLC PA now owns 141,980 shares of the financial services provider’s stock valued at $26,175,000 after acquiring an additional 2,763 shares during the last quarter. Hedge funds and other institutional investors own 78.84% of the company’s stock.

M&T Bank opened at $175.16 on Wednesday, according to MarketBeat Ratings. The firm has a market capitalization of $25.53 billion, a P/E ratio of 18.73, a P/E/G ratio of 1.03 and a beta of 0.88. M&T Bank Co. has a twelve month low of $141.12 and a twelve month high of $197.37. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.05 and a quick ratio of 1.05.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 16th. The financial services provider reported $2.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.76 by ($0.53). The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. M&T Bank had a net margin of 23.12% and a return on equity of 10.91%. During the same quarter in the previous year, the company earned $2.12 earnings per share. sell-side analysts anticipate that M&T Bank Co. 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 Wednesday, February 21st that allows the company to buyback $745.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 2.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be issued a dividend of $0.80 per share. This is an increase from M&T Bank’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Thursday, May 31st. M&T Bank’s dividend payout ratio (DPR) is presently 34.22%.

In other M&T Bank news, insider Robert J. Bojdak sold 1,570 shares of the stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $177.93, for a total transaction of $279,350.10. Following the completion of the sale, the insider now directly owns 20,501 shares in the company, valued at approximately $3,647,742.93. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sabeth Siddique sold 975 shares of the stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $182.52, for a total value of $177,957.00. Following the sale, the insider now owns 2,759 shares of the company’s stock, valued at $503,572.68. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

A number of research analysts have recently commented on the company. Zacks Investment Research cut M&T Bank from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Barclays increased 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. UBS Group cut M&T Bank from a “neutral” rating to a “sell” rating and set a $173.00 price target for the company. in a research note on Tuesday, April 10th. Wedbush increased 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. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $190.00 price target on shares of M&T Bank in a research note on Tuesday, April 17th. Three equities 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. M&T Bank currently has an average rating of “Hold” and a consensus target price of $179.50.

M&T Bank Company Profile

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

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