Metropolitan Life Insurance Co. NY cut its holdings in M&T Bank Co. (NYSE:MTB) by 5.1% in the second quarter, HoldingsChannel reports. The firm owned 21,972 shares of the financial services provider’s stock after selling 1,180 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in M&T Bank were worth $3,739,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of MTB. Renaissance Technologies LLC grew its holdings in shares of M&T Bank by 15,311.4% in the second quarter. Renaissance Technologies LLC now owns 638,342 shares of the financial services provider’s stock valued at $108,614,000 after purchasing an additional 634,200 shares in the last quarter. FMR LLC lifted its position in M&T Bank by 7.5% in the second quarter. FMR LLC now owns 4,251,775 shares of the financial services provider’s stock worth $723,439,000 after buying an additional 297,143 shares during the last quarter. BlackRock Inc. lifted its position in M&T Bank by 1.6% in the first quarter. BlackRock Inc. now owns 10,468,230 shares of the financial services provider’s stock worth $1,929,921,000 after buying an additional 160,326 shares during the last quarter. Unigestion Holding SA bought a new stake in M&T Bank in the second quarter worth $22,716,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in M&T Bank by 194.5% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 200,787 shares of the financial services provider’s stock worth $34,164,000 after buying an additional 132,600 shares during the last quarter. 81.22% of the stock is owned by hedge funds and other institutional investors.
NYSE:MTB opened at $171.22 on Friday. M&T Bank Co. has a twelve month low of $148.52 and a twelve month high of $197.37. The firm has a market cap of $25.08 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.58.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Tuesday, September 4th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.34%. This is an increase from M&T Bank’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, August 31st. M&T Bank’s dividend payout ratio (DPR) is 42.78%.
A number of analysts recently issued reports on MTB shares. Keefe, Bruyette & Woods upgraded M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 price target for the company in a research report on Monday, September 3rd. ValuEngine upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Jefferies Financial Group restated a “buy” rating and issued a $195.00 price target on shares of M&T Bank in a research report on Friday, July 13th. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $206.00 price target for the company in a research report on Friday, May 18th. Finally, Sanford C. Bernstein upgraded M&T Bank from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 27th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $176.13.
In other news, Director Denis J. Salamone sold 25,209 shares of M&T Bank stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total transaction of $4,531,569.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is currently owned by company insiders.
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.
Featured Story: Asset Allocation Models, Which is Right For You?
Want to see what other hedge funds are holding MTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for M&T Bank Co. (NYSE:MTB).
Receive News & Ratings for M&T Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for M&T Bank and related companies with MarketBeat.com's FREE daily email newsletter.