Point72 Europe London LLP Buys Shares of 61,000 M&T Bank Co. (NYSE:MTB)

Point72 Europe London LLP purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 61,000 shares of the financial services provider’s stock, valued at approximately $9,233,000.

Several other hedge funds have also made changes to their positions in MTB. General Partner Inc. purchased a new stake in M&T Bank during the 1st quarter worth approximately $27,000. Fidelis Capital Partners LLC purchased a new stake in shares of M&T Bank during the first quarter worth $30,000. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank in the second quarter valued at $35,000. Versant Capital Management Inc boosted its holdings in M&T Bank by 82.7% in the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 201 shares during the period. Finally, Bank & Trust Co acquired a new position in M&T Bank during the 2nd quarter worth $70,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Down 1.6 %

NYSE MTB opened at $174.86 on Wednesday. M&T Bank Co. has a one year low of $108.53 and a one year high of $180.63. The firm has a market cap of $29.18 billion, a PE ratio of 11.82, a P/E/G ratio of 3.55 and a beta of 0.76. The firm’s fifty day moving average is $168.09 and its two-hundred day moving average is $154.06. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the business earned $5.12 EPS. Analysts expect that M&T Bank Co. will post 14.23 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research report on Tuesday. DA Davidson raised their target price on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Bank of America boosted their price target on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Wells Fargo & Company lowered shares of M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $170.00 to $165.00 in a report on Thursday, August 15th. Finally, Wedbush boosted their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus target price of $178.35.

Insider Activity at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s 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 completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $2,834,002.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 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 transaction of $86,250.00. Following the completion of the transaction, 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 is accessible through this link. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the completion of the sale, the insider now owns 47,944 shares in the company, valued at $7,780,352.32. The disclosure for this sale can be found here. Insiders have sold a total of 32,699 shares of company stock worth $5,115,349 in the last three months. Insiders own 0.82% of the company’s stock.

About M&T Bank

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.