M&T Bank Co. (MTB) Holdings Decreased by Haverford Trust Co.
Haverford Trust Co. cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 3.9% in the fourth quarter, Holdings Channel reports. The fund owned 14,195 shares of the financial services provider’s stock after selling 574 shares during the period. Haverford Trust Co.’s holdings in M&T Bank were worth $2,427,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC increased its position in shares of M&T Bank by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 1,605,152 shares of the financial services provider’s stock valued at $273,904,000 after acquiring an additional 22,149 shares during the last quarter. Godshalk Welsh Capital Management Inc. acquired a new stake in shares of M&T Bank during the fourth quarter valued at about $205,000. Burney Co. increased its position in shares of M&T Bank by 29.5% during the fourth quarter. Burney Co. now owns 2,203 shares of the financial services provider’s stock valued at $377,000 after acquiring an additional 502 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of M&T Bank by 50.6% during the fourth quarter. Lazard Asset Management LLC now owns 187,467 shares of the financial services provider’s stock valued at $32,054,000 after acquiring an additional 63,025 shares during the last quarter. Finally, Advent Capital Management DE acquired a new stake in shares of M&T Bank during the fourth quarter valued at about $2,565,000. Institutional investors and hedge funds own 75.81% of the company’s stock.
In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $171.19, for a total value of $171,190.00. Following the completion of the transaction, the director now owns 52,049 shares in the company, valued at $8,910,268.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert J. Bojdak sold 1,062 shares of M&T Bank stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $195.17, for a total transaction of $207,270.54. Following the completion of the transaction, the insider now owns 22,071 shares of the company’s stock, valued at approximately $4,307,597.07. The disclosure for this sale can be found here. Insiders sold 93,489 shares of company stock valued at $17,240,444 in the last quarter. 3.18% of the stock is owned by insiders.
M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.26. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.98 earnings per share. research analysts expect that M&T Bank Co. will post 12.2 EPS for the current fiscal year.
M&T Bank declared that its Board of Directors has initiated a share repurchase program on Monday, February 5th that permits the company to repurchase $745.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Monday, March 5th will be paid a $0.75 dividend. The ex-dividend date is Friday, March 2nd. This represents a $3.00 dividend on an annualized basis and a yield of 1.57%. M&T Bank’s dividend payout ratio is currently 34.52%.
A number of equities research analysts have weighed in on the stock. Barclays lifted their price target on shares of M&T Bank from $205.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, February 26th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of M&T Bank in a research report on Tuesday, February 6th. Wedbush reiterated a “neutral” rating and set a $186.00 price target (up from $180.00) on shares of M&T Bank in a research report on Tuesday, February 6th. Zacks Investment Research upgraded shares of M&T Bank from a “hold” rating to a “strong-buy” rating and set a $217.00 price target for the company in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of M&T Bank in a research report on Friday, January 19th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. M&T Bank currently has a consensus rating of “Hold” and an average target price of $176.41.
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M&T Bank Company 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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