Koch Industries Inc. cut its holdings in M&T Bank Co. (NYSE:MTB) by 74.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,320 shares of the financial services provider’s stock after selling 3,885 shares during the quarter. Koch Industries Inc.’s holdings in M&T Bank were worth $226,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in MTB. Nationwide Fund Advisors lifted its stake in M&T Bank by 1.5% in the third quarter. Nationwide Fund Advisors now owns 122,080 shares of the financial services provider’s stock worth $19,660,000 after acquiring an additional 1,803 shares during the period. New York State Common Retirement Fund lifted its stake in M&T Bank by 1.9% in the third quarter. New York State Common Retirement Fund now owns 319,900 shares of the financial services provider’s stock worth $51,517,000 after acquiring an additional 6,000 shares during the period. Russell Investments Group Ltd. lifted its stake in M&T Bank by 45.9% in the third quarter. Russell Investments Group Ltd. now owns 206,197 shares of the financial services provider’s stock worth $33,203,000 after acquiring an additional 64,911 shares during the period. Columbia Asset Management purchased a new stake in M&T Bank in the third quarter worth about $212,000. Finally, Chartwell Investment Partners LLC lifted its stake in M&T Bank by 68.8% in the third quarter. Chartwell Investment Partners LLC now owns 5,825 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 2,375 shares during the period. 77.62% of the stock is owned by institutional investors.
In related news, CFO Darren J. King sold 3,834 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $191.04, for a total value of $732,447.36. Following the transaction, the chief financial officer now owns 44,392 shares in the company, valued at approximately $8,480,647.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Denis J. Salamone sold 31,511 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $188.00, for a total transaction of $5,924,068.00. Following the completion of the transaction, the director now owns 125,133 shares in the company, valued at approximately $23,525,004. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,091 shares of company stock worth $13,594,655. 0.48% of the stock is owned by corporate insiders.
Shares of MTB traded down $4.87 during mid-day trading on Friday, hitting $181.69. 641,493 shares of the company traded hands, compared to its average volume of 619,647. M&T Bank Co. has a 1-year low of $141.12 and a 1-year high of $197.37. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.54. The company has a market cap of $27,285.66, a P/E ratio of 19.43, a price-to-earnings-growth ratio of 1.16 and a beta of 0.90.
M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.40 by $0.26. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. research analysts anticipate that M&T Bank Co. will post 12.29 EPS for the current fiscal year.
M&T Bank declared that its Board of Directors has authorized a stock buyback program on Monday, February 5th that allows the company to repurchase $745.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Monday, March 5th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $3.00 annualized dividend and a yield of 1.65%. M&T Bank’s dividend payout ratio (DPR) is presently 32.09%.
A number of research firms recently weighed in on MTB. Jefferies Group reaffirmed a “buy” rating and issued a $201.00 price objective on shares of M&T Bank in a research note on Monday, January 8th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of M&T Bank in a research report on Tuesday, February 6th. Zacks Investment Research lowered shares of M&T Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Wedbush reissued a “neutral” rating and set a $186.00 price target (up from $180.00) on shares of M&T Bank in a research report on Tuesday, February 6th. Finally, Vining Sparks reissued a “buy” rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, January 8th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $175.47.
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M&T Bank Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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