Dimensional Fund Advisors LP grew its stake in shares of M&T Bank Co. (NYSE:MTB) by 14.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 737,207 shares of the financial services provider’s stock after acquiring an additional 95,417 shares during the period. Dimensional Fund Advisors LP owned about 0.53% of M&T Bank worth $121,307,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Focused Wealth Management Inc purchased a new stake in shares of M&T Bank in the third quarter valued at $102,000. Amica Retiree Medical Trust purchased a new stake in shares of M&T Bank in the third quarter valued at $108,000. Sageworth Trust Co lifted its holdings in shares of M&T Bank by 220.0% in the third quarter. Sageworth Trust Co now owns 800 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 550 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of M&T Bank by 8,330.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 843 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 833 shares in the last quarter. Finally, NEXT Financial Group Inc purchased a new stake in shares of M&T Bank in the third quarter valued at $165,000. Institutional investors own 80.67% of the company’s stock.
Shares of NYSE:MTB opened at $157.87 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.64. M&T Bank Co. has a 1 year low of $154.33 and a 1 year high of $197.37. The firm has a market cap of $22.61 billion, a P/E ratio of 16.88, a PEG ratio of 1.02 and a beta of 0.86.
M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, October 17th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.35 by $0.18. M&T Bank had a return on equity of 13.15% and a net margin of 26.84%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $2.21 earnings per share. Analysts anticipate that M&T Bank Co. will post 13.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 3rd will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $4.00 annualized dividend and a dividend yield of 2.53%. M&T Bank’s dividend payout ratio is 42.78%.
In related news, insider Doris P. Meister sold 800 shares of the stock in a transaction on Friday, November 9th. The stock was sold at an average price of $167.24, for a total transaction of $133,792.00. Following the completion of the sale, the insider now directly owns 342 shares in the company, valued at $57,196.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 500 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $168.40, for a total value of $84,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,164 shares of company stock valued at $524,899. 0.48% of the stock is owned by corporate insiders.
MTB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upgraded M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a report on Monday, September 3rd. 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. Zacks Investment Research lowered M&T Bank from a “buy” rating to a “hold” rating in a report on Friday, September 21st. Goldman Sachs Group upgraded M&T Bank from a “neutral” rating to a “buy” rating in a report on Wednesday, September 26th. Finally, ValuEngine lowered M&T Bank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. M&T Bank presently has an average rating of “Buy” and an average target price of $184.36.
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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.
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