State of Wisconsin Investment Board raised its holdings in shares of M&T Bank Co. (NYSE:MTB) by 18.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 360,026 shares of the financial services provider’s stock after purchasing an additional 55,055 shares during the period. State of Wisconsin Investment Board owned 0.28% of M&T Bank worth $54,584,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Tudor Investment Corp Et Al increased its position in M&T Bank by 104.9% during the 1st quarter. Tudor Investment Corp Et Al now owns 24,025 shares of the financial services provider’s stock valued at $3,642,000 after buying an additional 12,297 shares in the last quarter. Holocene Advisors LP bought a new position in M&T Bank during the 1st quarter valued at approximately $2,480,000. Prana Capital Management LP bought a new position in M&T Bank during the 1st quarter valued at approximately $2,880,000. California State Teachers Retirement System boosted its stake in M&T Bank by 1.9% during the 1st quarter. California State Teachers Retirement System now owns 238,487 shares of the financial services provider’s stock valued at $36,157,000 after purchasing an additional 4,518 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in M&T Bank by 67.2% during the 1st quarter. Schonfeld Strategic Advisors LLC now owns 14,641 shares of the financial services provider’s stock valued at $2,220,000 after purchasing an additional 5,883 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on M&T Bank from $161.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, April 1st. Wedbush dropped their price target on M&T Bank from $171.00 to $158.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays raised their price target on M&T Bank from $163.00 to $167.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Jefferies Financial Group restated a “hold” rating on shares of M&T Bank in a research note on Monday, April 19th. Finally, Citigroup began coverage on M&T Bank in a report on Friday, July 16th. They issued a “hold” rating and a $141.19 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $160.76.
M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, July 21st. The financial services provider reported $3.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.70 by ($0.29). M&T Bank had a return on equity of 10.39% and a net margin of 24.89%. During the same period in the prior year, the firm earned $1.76 earnings per share. As a group, research analysts forecast that M&T Bank Co. will post 13.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Tuesday, June 1st were issued a $1.10 dividend. The ex-dividend date was Friday, May 28th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 3.31%. M&T Bank’s payout ratio is 43.91%.
In other news, EVP Michele D. Trolli sold 4,967 shares of the company’s stock in a transaction on Tuesday, April 27th. The stock was sold at an average price of $155.74, for a total transaction of $773,560.58. Following the transaction, the executive vice president now directly owns 10,622 shares of the company’s stock, valued at $1,654,270.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP D Scott N. Warman sold 4,000 shares of the company’s stock in a transaction on Thursday, June 3rd. The stock was sold at an average price of $163.00, for a total value of $652,000.00. Following the transaction, the executive vice president now directly owns 14,486 shares in the company, valued at $2,361,218. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.
About M&T Bank
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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