Pitcairn Co. Buys Shares of 3,124 M&T Bank Co. (NYSE:MTB)

Pitcairn Co. purchased a new stake in M&T Bank Co. (NYSE:MTB) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 3,124 shares of the financial services provider’s stock, valued at approximately $454,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MTB. Norges Bank purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $232,322,000. Smead Capital Management Inc. purchased a new position in shares of M&T Bank during the fourth quarter worth $59,418,000. Los Angeles Capital Management LLC purchased a new position in shares of M&T Bank during the fourth quarter worth $34,645,000. Bank of Nova Scotia grew its stake in shares of M&T Bank by 1,155.9% in the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after buying an additional 189,038 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of M&T Bank by 127.6% in the 4th quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock valued at $38,016,000 after buying an additional 155,487 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 1.1 %

MTB opened at $173.51 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. M&T Bank Co. has a one year low of $108.53 and a one year high of $176.44. The company has a market cap of $28.95 billion, a P/E ratio of 11.74, a PEG ratio of 4.42 and a beta of 0.77. The business’s 50-day simple moving average is $151.91 and its 200-day simple moving average is $144.70.

M&T Bank (NYSE:MTB) last announced 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 firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period in the previous year, the company posted $5.12 earnings per share. As a group, equities research analysts expect that M&T Bank Co. will post 14.16 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.11%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Analyst Ratings Changes

A number of analysts have issued reports on MTB shares. Citigroup boosted their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Evercore ISI upped their target price on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Jefferies Financial Group boosted their price target on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, DA Davidson increased their price objective on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $170.35.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,415 shares of company stock valued at $13,285,139. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company 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.