Burns Matteson Capital Management LLC Acquires New Shares in M&T Bank Co. (NYSE:MTB)

Burns Matteson Capital Management LLC acquired a new stake in M&T Bank Co. (NYSE:MTB) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,424 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other hedge funds have also recently bought and sold shares of MTB. Norges Bank purchased a new position in M&T Bank during the fourth quarter worth $232,322,000. Smead Capital Management Inc. acquired a new stake in shares of M&T Bank during the fourth quarter worth $59,418,000. Los Angeles Capital Management LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth $34,645,000. Bank of Nova Scotia boosted its holdings in shares of M&T Bank by 1,155.9% during the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock worth $28,154,000 after purchasing an additional 189,038 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in M&T Bank by 127.6% in the fourth quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock valued at $38,016,000 after acquiring an additional 155,487 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Barnes sold 13,360 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $147.00, for a total value of $1,963,920.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,215,560. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,415 shares of company stock valued at $13,285,139. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Jefferies Financial Group lifted their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Bank of America upped their target price on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday. Finally, DA Davidson boosted their price objective on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $170.35.

M&T Bank Trading Up 1.1 %

Shares of M&T Bank stock traded up $1.92 during trading on Thursday, hitting $173.60. The stock had a trading volume of 1,057,265 shares, compared to its average volume of 1,048,051. The stock has a 50 day simple moving average of $151.91 and a 200 day simple moving average of $144.70. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44. The company has a market capitalization of $28.97 billion, a PE ratio of 11.74, a P/E/G ratio of 4.44 and a beta of 0.77.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the previous year, the company posted $5.12 earnings per share. On average, research analysts expect that M&T Bank Co. will post 14.16 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $1.35 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

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.