Timber Hill LLC bought a new stake in M&T Bank Co. (NYSE:MTB) during the fourth quarter, Holdings Channel reports. The institutional investor bought 2,015 shares of the financial services provider’s stock, valued at approximately $345,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MTB. Calton & Associates Inc. bought a new stake in shares of M&T Bank during the 4th quarter worth about $178,000. NuWave Investment Management LLC bought a new stake in shares of M&T Bank during the 4th quarter worth about $197,000. Savant Capital LLC bought a new stake in shares of M&T Bank during the 4th quarter worth about $202,000. Shelton Capital Management bought a new stake in shares of M&T Bank during the 4th quarter worth about $202,000. Finally, Tower Research Capital LLC TRC bought a new stake in shares of M&T Bank during the 4th quarter worth about $204,000. Hedge funds and other institutional investors own 75.81% of the company’s stock.
M&T Bank Co. (MTB) opened at $193.51 on Friday. M&T Bank Co. has a 12-month low of $141.12 and a 12-month high of $196.64. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.05 and a current ratio of 0.99. The firm has a market capitalization of $28,458.52, a PE ratio of 22.27, a P/E/G ratio of 1.21 and a beta of 0.91.
M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.26. M&T Bank had a return on equity of 10.12% and a net margin of 23.40%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. analysts forecast that M&T Bank Co. will post 12.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Monday, March 5th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, March 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.55%. M&T Bank’s dividend payout ratio is presently 34.52%.
M&T Bank declared that its board has approved a stock repurchase plan on Monday, February 5th that permits the company to repurchase $745.00 million in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Several research firms have recently issued reports on MTB. Morgan Stanley reiterated an “equal weight” rating and set a $180.00 price target on shares of M&T Bank in a research note on Thursday, December 14th. Wedbush reiterated a “neutral” rating and set a $186.00 price target (up previously from $180.00) on shares of M&T Bank in a research note on Tuesday, February 6th. Piper Jaffray Companies reiterated a “neutral” rating on shares of M&T Bank in a research note on Thursday, January 18th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of M&T Bank in a research note on Tuesday, February 6th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of M&T Bank in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $176.12.
In related news, VP Michael R. Spychala sold 13,417 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $170.92, for a total transaction of $2,293,233.64. Following the completion of the transaction, the vice president now owns 51,622 shares of the company’s stock, valued at approximately $8,823,232.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Todaro sold 672 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $188.56, for a total value of $126,712.32. Following the transaction, the insider now directly owns 814 shares of the company’s stock, valued at approximately $153,487.84. The disclosure for this sale can be found here. Insiders have sold a total of 92,427 shares of company stock valued at $17,033,174 in the last three months. 3.18% of the stock is owned by 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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