Berkshire Asset Management LLC PA Grows Stake in M&T Bank Co. (MTB)

Berkshire Asset Management LLC PA lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,179 shares of the financial services provider’s stock after acquiring an additional 8,836 shares during the quarter. M&T Bank accounts for 2.1% of Berkshire Asset Management LLC PA’s portfolio, making the stock its 11th largest holding. Berkshire Asset Management LLC PA owned 0.11% of M&T Bank worth $25,369,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in shares of M&T Bank by 4.4% in the third quarter. Bank of Montreal Can now owns 511,291 shares of the financial services provider’s stock valued at $84,129,000 after purchasing an additional 21,690 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV lifted its holdings in shares of M&T Bank by 241.1% in the third quarter. Hudson Valley Investment Advisors Inc. ADV now owns 5,441 shares of the financial services provider’s stock valued at $895,000 after purchasing an additional 3,846 shares in the last quarter. DNB Asset Management AS lifted its holdings in shares of M&T Bank by 18.1% in the third quarter. DNB Asset Management AS now owns 45,268 shares of the financial services provider’s stock valued at $7,448,000 after purchasing an additional 6,926 shares in the last quarter. NEXT Financial Group Inc purchased a new stake in shares of M&T Bank in the third quarter valued at $165,000. Finally, State of Alaska Department of Revenue lifted its holdings in shares of M&T Bank by 2.9% in the third quarter. State of Alaska Department of Revenue now owns 31,802 shares of the financial services provider’s stock valued at $5,232,000 after purchasing an additional 899 shares in the last quarter. 81.23% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:MTB traded down $2.00 during midday trading on Friday, hitting $158.45. 99,467 shares of the stock were exchanged, compared to its average volume of 803,342. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. M&T Bank Co. has a 52-week low of $155.77 and a 52-week high of $197.37. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 0.89 and a beta of 0.95.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $3.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.17 by $0.09. M&T Bank had a return on equity of 11.80% and a net margin of 24.57%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the company earned $2.35 earnings per share. On average, sell-side analysts forecast that M&T Bank Co. will post 12.81 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Tuesday, September 4th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.52%. This is a positive change from M&T Bank’s previous quarterly dividend of $0.80. The ex-dividend date was Friday, August 31st. M&T Bank’s dividend payout ratio (DPR) is currently 42.78%.

In related news, Director Denis J. Salamone sold 25,209 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on MTB. Sanford C. Bernstein upgraded M&T Bank from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $195.00 target price for the company in a report on Tuesday, June 19th. Vining Sparks restated a “buy” rating and issued a $220.00 target price on shares of M&T Bank in a report on Tuesday. Morgan Stanley reduced their target price on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. Finally, ValuEngine upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $181.08.

M&T Bank Profile

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.

See Also: Asset Allocation

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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