Pasadena Private Wealth LLC Acquires Shares of 1,416 M&T Bank Co. (NYSE:MTB)

Pasadena Private Wealth LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 1,416 shares of the financial services provider’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in M&T Bank in the 3rd quarter valued at $833,000. Stevens Capital Management LP acquired a new stake in shares of M&T Bank in the 4th quarter worth $320,000. Matrix Asset Advisors Inc. NY boosted its holdings in shares of M&T Bank by 15.7% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock valued at $12,685,000 after acquiring an additional 12,590 shares in the last quarter. Smead Capital Management Inc. acquired a new position in shares of M&T Bank during the fourth quarter worth about $59,418,000. Finally, Rafferty Asset Management LLC raised its holdings in M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after purchasing an additional 100,526 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In related news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares of the company’s stock, valued at $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kirk W. Walters sold 16,179 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the sale, the director now directly owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,553 shares of company stock valued at $14,724,147. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Up 1.9 %

Shares of MTB traded up $2.83 during midday trading on Friday, reaching $150.48. 110,605 shares of the company were exchanged, compared to its average volume of 1,031,798. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The company has a market cap of $25.11 billion, a price-to-earnings ratio of 9.98, a P/E/G ratio of 2.89 and a beta of 0.78. The stock has a 50-day moving average price of $148.00 and a 200-day moving average price of $141.76.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the business earned $4.09 EPS. Research analysts expect that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be given a $1.35 dividend. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Monday, June 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Analyst Ratings Changes

MTB has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Thursday. Wells Fargo & Company increased their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. raised their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, Evercore ISI upped their price objective on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $161.51.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.