Cinctive Capital Management LP Acquires 53,902 Shares of M&T Bank Co. (NYSE:MTB)

Cinctive Capital Management LP boosted its holdings in M&T Bank Co. (NYSE:MTB) by 184.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 83,127 shares of the financial services provider’s stock after purchasing an additional 53,902 shares during the quarter. M&T Bank makes up approximately 0.8% of Cinctive Capital Management LP’s portfolio, making the stock its 27th largest holding. Cinctive Capital Management LP’s holdings in M&T Bank were worth $14,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Ascent Group LLC boosted its position in shares of M&T Bank by 12.5% during the third quarter. Ascent Group LLC now owns 15,566 shares of the financial services provider’s stock worth $2,773,000 after acquiring an additional 1,728 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its holdings in shares of M&T Bank by 4.8% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 2,851 shares of the financial services provider’s stock valued at $508,000 after purchasing an additional 130 shares during the last quarter. Benjamin Edwards Inc. bought a new position in shares of M&T Bank during the 3rd quarter valued at about $1,074,000. Atom Investors LP bought a new stake in shares of M&T Bank in the third quarter worth about $9,151,000. Finally, Point72 Europe London LLP lifted its position in shares of M&T Bank by 27.0% in the third quarter. Point72 Europe London LLP now owns 77,500 shares of the financial services provider’s stock worth $13,804,000 after buying an additional 16,500 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

MTB stock opened at $219.99 on Monday. M&T Bank Co. has a twelve month low of $125.61 and a twelve month high of $225.70. The firm has a market cap of $36.50 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 3.10 and a beta of 0.74. The business’s fifty day simple moving average is $196.45 and its two-hundred day simple moving average is $172.10. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Analysts predict that M&T Bank Co. will post 14.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. M&T Bank’s payout ratio is 39.97%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley lifted their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Evercore ISI boosted their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays lifted their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, DA Davidson lifted their price target on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $206.41.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 18.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 92,504 shares of company stock valued at $18,394,012 over the last quarter. 0.82% of the stock is owned by corporate insiders.

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 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.