1832 Asset Management L.P. Has $11.80 Million Stake in M&T Bank Co. (NYSE:MTB)

1832 Asset Management L.P. lowered its stake in M&T Bank Co. (NYSE:MTB) by 0.6% in the first quarter, Holdings Channel reports. The fund owned 81,112 shares of the financial services provider’s stock after selling 500 shares during the quarter. 1832 Asset Management L.P.’s holdings in M&T Bank were worth $11,797,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Meeder Advisory Services Inc. boosted its position in M&T Bank by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after buying an additional 70 shares in the last quarter. Burns J W & Co. Inc. NY raised its position in M&T Bank by 1.3% in the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock valued at $827,000 after purchasing an additional 80 shares during the last quarter. First Horizon Advisors Inc. raised its position in M&T Bank by 3.2% in the fourth quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 80 shares during the last quarter. Fulton Bank N.A. boosted its stake in shares of M&T Bank by 2.3% during the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 81 shares in the last quarter. Finally, Tritonpoint Wealth LLC grew its holdings in shares of M&T Bank by 2.3% during the first quarter. Tritonpoint Wealth LLC now owns 3,833 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 87 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the transaction, the director now directly owns 6,348 shares in the company, valued at $939,567.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director John P. Barnes sold 13,360 shares of M&T Bank stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,215,560. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirk W. Walters sold 16,179 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the transaction, the director now owns 6,348 shares in the company, valued at $939,567.48. The disclosure for this sale can be found here. Insiders sold a total of 87,415 shares of company stock worth $13,285,139 over the last quarter. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.8 %

Shares of M&T Bank stock traded up $1.39 during trading hours on Friday, reaching $174.90. The company’s stock had a trading volume of 980,508 shares, compared to its average volume of 1,049,592. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The stock’s fifty day simple moving average is $152.34 and its two-hundred day simple moving average is $145.01. The company has a market capitalization of $29.18 billion, a P/E ratio of 11.83, a P/E/G ratio of 3.52 and a beta of 0.77. M&T Bank Co. has a one year low of $108.53 and a one year high of $176.44.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the previous year, the business earned $5.12 EPS. On average, research analysts forecast that M&T Bank Co. will post 14.18 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a $1.35 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.09%. M&T Bank’s dividend payout ratio is presently 36.51%.

Analyst Ratings Changes

MTB has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 16th. Evercore ISI increased their price objective on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. DA Davidson raised their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Jefferies Financial Group upped their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $170.35.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.