Amica Mutual Insurance Co. purchased a new position in M&T Bank Co. (NYSE:MTB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,685 shares of the financial services provider’s stock, valued at approximately $771,000.

Several other hedge funds also recently made changes to their positions in the company. Dupont Capital Management Corp grew its stake in shares of M&T Bank by 25.9% in the second quarter. Dupont Capital Management Corp now owns 1,435 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 295 shares during the period. Alps Advisors Inc. grew its stake in shares of M&T Bank by 4.4% in the second quarter. Alps Advisors Inc. now owns 8,531 shares of the financial services provider’s stock worth $1,452,000 after acquiring an additional 359 shares during the period. CIBC Asset Management Inc grew its position in M&T Bank by 2.6% during the second quarter. CIBC Asset Management Inc now owns 14,866 shares of the financial services provider’s stock valued at $2,529,000 after buying an additional 374 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in M&T Bank by 2.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 15,526 shares of the financial services provider’s stock valued at $2,554,000 after buying an additional 400 shares during the period. Finally, Renaissance Investment Group LLC grew its position in M&T Bank by 1.9% during the second quarter. Renaissance Investment Group LLC now owns 22,631 shares of the financial services provider’s stock valued at $3,851,000 after buying an additional 415 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Shares of NYSE MTB opened at $167.83 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.07 and a quick ratio of 1.07. M&T Bank Co. has a 12-month low of $154.33 and a 12-month high of $197.37. The company has a market cap of $23.66 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 0.86.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, October 17th. The financial services provider reported $3.53 earnings per share for the quarter, beating the consensus estimate of $3.35 by $0.18. M&T Bank had a net margin of 26.84% and a return on equity of 13.15%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm earned $2.21 earnings per share. Equities research analysts anticipate that M&T Bank Co. will post 13.04 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 3rd will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, November 30th. M&T Bank’s dividend payout ratio is currently 42.78%.

In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of M&T Bank stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Robert J. Bojdak sold 934 shares of M&T Bank stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $164.50, for a total transaction of $153,643.00. Following the transaction, the executive vice president now directly owns 19,567 shares in the company, valued at approximately $3,218,771.50. The disclosure for this sale can be found here. Insiders have sold 27,873 shares of company stock worth $4,972,269 in the last ninety days. Insiders own 0.48% of the company’s stock.

Several analysts recently issued reports on the stock. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Robert W. Baird upgraded shares of M&T Bank from a “neutral” rating to an “outperform” rating in a research report on Tuesday, October 23rd. Zacks Investment Research lowered shares of M&T Bank from a “buy” rating to a “hold” rating in a research report on Monday, October 22nd. Piper Jaffray Companies upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and set a $194.00 target price for the company in a research report on Monday, October 22nd. Finally, Wedbush set a $188.00 target price on shares of M&T Bank and gave the company a “hold” rating in a research report on Thursday, October 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $184.36.

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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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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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