Verition Fund Management LLC Takes $994,000 Position in M&T Bank Co. (MTB)

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Verition Fund Management LLC acquired a new stake in M&T Bank Co. (NYSE:MTB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,839 shares of the financial services provider’s stock, valued at approximately $994,000.

Several other large investors also recently modified their holdings of the company. HPM Partners LLC acquired a new position in M&T Bank in the second quarter valued at $231,000. Millennium Management LLC increased its stake in M&T Bank by 64.8% in the second quarter. Millennium Management LLC now owns 1,341,236 shares of the financial services provider’s stock valued at $228,211,000 after purchasing an additional 527,556 shares during the last quarter. Soros Fund Management LLC increased its stake in M&T Bank by 67.9% in the second quarter. Soros Fund Management LLC now owns 38,400 shares of the financial services provider’s stock valued at $6,534,000 after purchasing an additional 15,524 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in M&T Bank by 39.9% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 130,800 shares of the financial services provider’s stock valued at $22,256,000 after purchasing an additional 37,300 shares during the last quarter. Finally, Tower Research Capital LLC TRC acquired a new position in M&T Bank in the second quarter valued at $444,000. Institutional investors and hedge funds own 81.20% of the company’s stock.

Several equities analysts recently commented on MTB shares. Morgan Stanley dropped their target price on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Jefferies Financial Group reiterated a “buy” rating and issued a $195.00 target price on shares of M&T Bank in a research note on Friday, July 13th. ValuEngine lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, July 6th. Sanford C. Bernstein upgraded 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, Keefe, Bruyette & Woods upgraded M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a research note on Monday, September 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $176.57.

Shares of NYSE:MTB opened at $173.00 on Friday. The stock has a market cap of $24.88 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 0.93 and a beta of 0.92. 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 12 month low of $153.09 and a 12 month high of $197.37.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 18th. The financial services provider reported $3.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.17 by $0.09. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 24.57%. During the same period in the prior year, the firm posted $2.35 earnings per share. research analysts predict that M&T Bank Co. will post 12.84 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Tuesday, September 4th will be paid a dividend of $1.00 per share. The ex-dividend date is Friday, August 31st. This is a positive change from M&T Bank’s previous quarterly dividend of $0.80. This represents a $4.00 annualized dividend and a yield of 2.31%. 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 the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

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.

Further Reading: Book Value Of Equity Per Share – BVPS Explained

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

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