Nomura Asset Management Co. Ltd. lifted its holdings in M&T Bank Co. (NYSE:MTB) by 3.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 20,037 shares of the financial services provider’s stock after buying an additional 602 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in M&T Bank were worth $3,426,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Calton & Associates Inc. bought a new stake in M&T Bank in the 4th quarter valued at about $178,000. NuWave Investment Management LLC bought a new stake in M&T Bank in the 4th quarter valued at about $197,000. Savant Capital LLC bought a new stake in M&T Bank in the 4th quarter valued at about $202,000. Shelton Capital Management bought a new stake in M&T Bank in the 4th quarter valued at about $202,000. Finally, Tower Research Capital LLC TRC bought a new stake in M&T Bank in the 4th quarter valued at about $204,000. Institutional investors own 77.73% of the company’s stock.
Several brokerages recently weighed in on MTB. Morgan Stanley reiterated an “equal weight” rating and issued a $180.00 price objective on shares of M&T Bank in a research report on Thursday, December 14th. Wedbush reiterated a “neutral” rating and issued a $186.00 price objective (up from $180.00) on shares of M&T Bank in a research report on Tuesday, February 6th. Piper Jaffray Companies reiterated a “neutral” rating on shares of M&T Bank in a research report on Thursday, January 18th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of M&T Bank in a research report on Tuesday, February 6th. Finally, Barclays lifted their price objective on shares of M&T Bank from $205.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, February 26th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $176.41.
M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 18th. The financial services provider reported $2.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.40 by $0.26. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. M&T Bank’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $1.98 EPS. equities research analysts forecast that M&T Bank Co. will post 12.2 earnings per share for the current year.
The business 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. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $3.00 annualized dividend and a yield of 1.55%. M&T Bank’s payout ratio is 34.52%.
M&T Bank declared that its Board of Directors has initiated a stock buyback program on Monday, February 5th that allows the company to repurchase $745.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Robert J. Bojdak sold 1,062 shares of M&T Bank stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $195.17, for a total value of $207,270.54. Following the transaction, the insider now owns 22,071 shares of the company’s stock, valued at approximately $4,307,597.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gary N. Geisel sold 1,046 shares of M&T Bank stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $170.49, for a total transaction of $178,332.54. Following the completion of the transaction, the director now directly owns 17,586 shares in the company, valued at approximately $2,998,237.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,137 shares of company stock worth $13,578,138. 0.48% of the stock is owned by corporate insiders.
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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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