BlueCrest Capital Management Ltd decreased its stake in M&T Bank Co. (NYSE:MTB) by 69.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,681 shares of the financial services provider’s stock after selling 15,049 shares during the quarter. BlueCrest Capital Management Ltd’s holdings in M&T Bank were worth $1,142,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in MTB. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of M&T Bank in the fourth quarter valued at about $35,154,000. Pinebridge Investments L.P. grew its position in shares of M&T Bank by 115.4% in the third quarter. Pinebridge Investments L.P. now owns 177,184 shares of the financial services provider’s stock valued at $28,534,000 after purchasing an additional 94,919 shares during the period. Bank of Montreal Can grew its position in shares of M&T Bank by 24.4% in the fourth quarter. Bank of Montreal Can now owns 375,427 shares of the financial services provider’s stock valued at $64,194,000 after purchasing an additional 73,689 shares during the period. Russell Investments Group Ltd. grew its position in shares of M&T Bank by 45.9% in the third quarter. Russell Investments Group Ltd. now owns 206,197 shares of the financial services provider’s stock valued at $33,203,000 after purchasing an additional 64,911 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of M&T Bank by 50.6% in the fourth quarter. Lazard Asset Management LLC now owns 187,467 shares of the financial services provider’s stock valued at $32,054,000 after purchasing an additional 63,025 shares during the period. Institutional investors and hedge funds own 77.73% of the company’s stock.
M&T Bank Co. (MTB) opened at $194.91 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.05 and a current ratio of 1.05. M&T Bank Co. has a 52 week low of $141.12 and a 52 week high of $197.37. The company has a market cap of $29,270.00, a PE ratio of 21.00, a price-to-earnings-growth ratio of 1.26 and a beta of 0.88.
M&T Bank declared that its Board of Directors has approved a share repurchase program on Monday, February 5th that permits the company to buyback $745.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Monday, March 5th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Friday, March 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 32.33%.
In other M&T Bank news, insider Robert J. Bojdak sold 1,062 shares of M&T Bank stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $195.17, for a total transaction of $207,270.54. Following the transaction, the insider now directly owns 22,071 shares of the company’s stock, valued at $4,307,597.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary N. Geisel sold 1,046 shares of M&T Bank stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $170.49, for a total transaction of $178,332.54. Following the transaction, the director now directly owns 17,586 shares in the company, valued at $2,998,237.14. The disclosure for this sale can be found here. Insiders have sold 72,137 shares of company stock worth $13,578,138 over the last ninety days. 0.48% of the stock is owned by insiders.
Several equities analysts have recently weighed in on MTB shares. Jefferies Group reissued a “buy” rating and issued a $201.00 price target on shares of M&T Bank in a research note on Monday, January 8th. Barclays raised their price target on shares of M&T Bank from $175.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Wells Fargo & Co set a $180.00 price target on shares of M&T Bank and gave the stock a “hold” rating in a research note on Wednesday, December 20th. UBS Group raised shares of M&T Bank from a “sell” rating to a “neutral” rating and raised their price target for the stock from $150.00 to $173.00 in a research note on Tuesday, December 12th. Finally, Royal Bank of Canada reissued a “buy” rating on shares of M&T Bank in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. M&T Bank currently has a consensus rating of “Hold” and an average target price of $176.41.
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M&T Bank Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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