Assenagon Asset Management S.A. Has $27.67 Million Stake in M&T Bank Co. (NYSE:MTB)

Assenagon Asset Management S.A. lifted its stake in M&T Bank Co. (NYSE:MTB) by 314.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 147,177 shares of the financial services provider’s stock after purchasing an additional 111,628 shares during the period. Assenagon Asset Management S.A.’s holdings in M&T Bank were worth $27,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Oak Thistle LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at $739,000. 180 Wealth Advisors LLC bought a new position in M&T Bank in the fourth quarter valued at about $237,000. Courier Capital LLC increased its position in M&T Bank by 2.1% in the fourth quarter. Courier Capital LLC now owns 32,084 shares of the financial services provider’s stock worth $6,032,000 after purchasing an additional 663 shares during the period. Northstar Advisory Group LLC raised its holdings in M&T Bank by 10.6% during the 4th quarter. Northstar Advisory Group LLC now owns 16,935 shares of the financial services provider’s stock worth $3,184,000 after purchasing an additional 1,627 shares during the last quarter. Finally, Wedmont Private Capital lifted its position in M&T Bank by 4.6% during the 4th quarter. Wedmont Private Capital now owns 4,305 shares of the financial services provider’s stock valued at $808,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This represents a 23.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,994 shares of company stock worth $17,211,278. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MTB shares. Royal Bank of Canada raised their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and increased their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Keefe, Bruyette & Woods raised their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Bank of America upped their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $216.86.

M&T Bank Stock Down 2.3 %

NYSE:MTB opened at $196.16 on Friday. The stock has a 50-day simple moving average of $202.90 and a 200 day simple moving average of $183.07. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a market cap of $32.55 billion, a PE ratio of 14.52, a PEG ratio of 2.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. During the same quarter in the prior year, the company posted $2.74 earnings per share. On average, sell-side analysts expect that M&T Bank Co. will post 14.58 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

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.