State of Alaska Department of Revenue grew its stake in M&T Bank Co. (NYSE:MTB) by 2.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,802 shares of the financial services provider’s stock after purchasing an additional 899 shares during the quarter. State of Alaska Department of Revenue’s holdings in M&T Bank were worth $5,232,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Dakota Wealth Management bought a new position in shares of M&T Bank in the second quarter valued at approximately $372,000. Bank of America Corp DE lifted its holdings in shares of M&T Bank by 13.7% in the second quarter. Bank of America Corp DE now owns 618,080 shares of the financial services provider’s stock valued at $105,166,000 after purchasing an additional 74,509 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of M&T Bank by 9.1% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 10,243 shares of the financial services provider’s stock valued at $1,743,000 after purchasing an additional 854 shares in the last quarter. Laurion Capital Management LP bought a new position in shares of M&T Bank in the second quarter valued at approximately $3,300,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of M&T Bank in the second quarter valued at approximately $226,000. Institutional investors own 81.23% of the company’s stock.
Shares of M&T Bank stock opened at $158.52 on Friday. The firm has a market cap of $23.66 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 0.89 and a beta of 0.95. M&T Bank Co. has a 12 month low of $155.36 and a 12 month high of $197.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.06 and a current ratio of 1.06.
M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 18th. The financial services provider reported $3.26 EPS for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the company posted $2.35 earnings per share. Research analysts anticipate that M&T Bank Co. will post 12.81 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Tuesday, September 4th were given a $1.00 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $0.80. This represents a $4.00 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Friday, August 31st. M&T Bank’s dividend payout ratio (DPR) is currently 42.78%.
In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total value of $4,531,569.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.48% of the company’s stock.
MTB has been the topic of a number of recent analyst reports. Goldman Sachs Group upgraded M&T Bank from a “neutral” rating to a “buy” rating in a report on Wednesday, September 26th. Jefferies Financial Group reiterated a “buy” rating and set a $195.00 price target on shares of M&T Bank in a report on Friday, July 13th. Zacks Investment Research upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $195.00 price target on the stock in a report on Tuesday, June 19th. Vining Sparks reiterated a “buy” rating and set a $220.00 price target on shares of M&T Bank in a report on Tuesday. Finally, Morgan Stanley dropped their price target on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $181.08.
About M&T Bank
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.
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