Lecap Asset Management Ltd. Purchases Shares of 6,740 M&T Bank Co. (NYSE:MTB)

Lecap Asset Management Ltd. acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,740 shares of the financial services provider’s stock, valued at approximately $1,020,000.

Other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA grew its stake in M&T Bank by 0.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after buying an additional 4,419 shares during the last quarter. Norges Bank purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $232,322,000. Dimensional Fund Advisors LP increased its holdings in shares of M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after acquiring an additional 100,008 shares during the period. The Manufacturers Life Insurance Company raised its position in M&T Bank by 8.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after purchasing an additional 35,692 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

M&T Bank stock traded up $0.65 during mid-day trading on Wednesday, reaching $162.91. The company had a trading volume of 671,687 shares, compared to its average volume of 1,025,451. The stock’s 50-day simple moving average is $157.95 and its 200-day simple moving average is $148.32. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The company has a market capitalization of $27.18 billion, a P/E ratio of 11.01, a P/E/G ratio of 3.34 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the business posted $5.12 EPS. On average, equities analysts predict that M&T Bank Co. will post 14.24 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.31%. M&T Bank’s payout ratio is 36.51%.

Analysts Set New Price Targets

A number of research analysts have commented on MTB shares. Jefferies Financial Group lifted 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. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. Royal Bank of Canada upped their price target on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Finally, DA Davidson increased their price target on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus price target of $173.85.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kirk W. Walters sold 7,464 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the sale, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. In the last three months, insiders sold 22,699 shares of company stock worth $3,395,049. 0.82% of the stock is owned by corporate insiders.

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.