Dynamic Technology Lab Private Ltd raised its holdings in M&T Bank Co. (NYSE:MTB) by 259.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,109 shares of the financial services provider’s stock after buying an additional 8,017 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in M&T Bank were worth $1,890,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTB. First Republic Investment Management Inc. grew its holdings in shares of M&T Bank by 83.9% during the 2nd quarter. First Republic Investment Management Inc. now owns 4,241 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 1,935 shares in the last quarter. Lcnb Corp acquired a new stake in M&T Bank in the 2nd quarter valued at $214,000. BB&T Securities LLC boosted its stake in M&T Bank by 4.9% in the 2nd quarter. BB&T Securities LLC now owns 27,447 shares of the financial services provider’s stock valued at $4,670,000 after buying an additional 1,287 shares in the last quarter. Laurion Capital Management LP acquired a new stake in M&T Bank in the 2nd quarter valued at $3,300,000. Finally, Renaissance Technologies LLC boosted its stake in M&T Bank by 15,311.4% in the 2nd quarter. Renaissance Technologies LLC now owns 638,342 shares of the financial services provider’s stock valued at $108,614,000 after buying an additional 634,200 shares in the last quarter. 81.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MTB opened at $178.81 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.58. M&T Bank Co. has a 52-week low of $142.17 and a 52-week high of $197.37. The firm has a market capitalization of $25.69 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92.
M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 18th. The financial services provider reported $3.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.17 by $0.09. M&T Bank had a return on equity of 11.80% and a net margin of 24.57%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company posted $2.35 EPS. equities research analysts forecast that M&T Bank Co. will post 12.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Tuesday, September 4th will be given a $1.00 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, August 31st. This represents a $4.00 annualized dividend and a yield of 2.24%. M&T Bank’s payout ratio is presently 42.78%.
In other M&T Bank news, Director Denis J. Salamone sold 25,209 shares of M&T Bank stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total value of $4,531,569.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.48% of the company’s stock.
Several brokerages recently commented on MTB. ValuEngine lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, July 6th. Zacks Investment Research lowered M&T Bank from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Wedbush boosted their price target on M&T Bank from $190.00 to $197.00 and gave the company a “neutral” rating in a research note on Thursday, July 19th. Sanford C. Bernstein raised M&T Bank from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 27th. They noted that the move was a valuation call. Finally, Morgan Stanley boosted their price target on M&T Bank from $191.00 to $195.00 and gave the company an “equal weight” rating in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $176.13.
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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