Cresset Asset Management LLC Raises Stake in M&T Bank Corporation $MTB

Cresset Asset Management LLC lifted its position in shares of M&T Bank Corporation (NYSE:MTB) by 51.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 39,833 shares of the financial services provider’s stock after buying an additional 13,587 shares during the quarter. Cresset Asset Management LLC’s holdings in M&T Bank were worth $7,120,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank during the fourth quarter worth about $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter worth about $38,000. Grove Bank & Trust grew its holdings in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock worth $40,000 after buying an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of M&T Bank during the first quarter worth about $46,000. Finally, Investors Research Corp grew its holdings in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider’s stock worth $53,000 after buying an additional 70 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent analyst reports. DA Davidson boosted their target price on shares of M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Citigroup boosted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Finally, Morgan Stanley boosted their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $212.88.

M&T Bank Trading Down 1.9%

Shares of MTB stock opened at $190.29 on Monday. The stock has a market cap of $29.74 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The firm’s 50 day moving average price is $191.74 and its two-hundred day moving average price is $183.62.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the previous year, the company posted $3.73 earnings per share. On average, analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.8%. M&T Bank’s dividend payout ratio is 34.97%.

Insider Activity

In other news, EVP Peter D’arcy sold 2,461 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares of the company’s stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is currently owned by company insiders.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.