Thrivent Financial for Lutherans Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Thrivent Financial for Lutherans grew its holdings in shares of M&T Bank Co. (NYSE:MTB) by 33.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,626 shares of the financial services provider’s stock after acquiring an additional 21,881 shares during the period. Thrivent Financial for Lutherans owned about 0.05% of M&T Bank worth $15,608,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hedeker Wealth LLC raised its holdings in shares of M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Frank Rimerman Advisors LLC lifted its holdings in M&T Bank by 1.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 57 shares during the period. Crestwood Advisors Group LLC lifted its stake in shares of M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 57 shares during the period. Hexagon Capital Partners LLC lifted its position in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Finally, Meitav Investment House Ltd. boosted its stake in M&T Bank by 3.1% during the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after buying an additional 69 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MTB. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Bank of America increased their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Barclays lifted their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Friday, October 4th. Finally, Wells Fargo & Company upped their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $199.65.

Insider Activity

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. This trade represents a 28.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock valued at $13,576,801 in the last quarter. Company insiders own 0.82% of the company’s stock.

M&T Bank Stock Down 0.1 %

Shares of M&T Bank stock opened at $213.52 on Thursday. M&T Bank Co. has a 12 month low of $123.46 and a 12 month high of $216.84. The business has a fifty day simple moving average of $189.91 and a 200 day simple moving average of $168.63. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The stock has a market cap of $35.43 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 3.02 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. Research analysts predict that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.53%. M&T Bank’s dividend payout ratio is 39.97%.

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.