CX Institutional Purchases New Shares in M&T Bank Co. (NYSE:MTB)

CX Institutional acquired a new position in M&T Bank Co. (NYSE:MTB) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,355 shares of the financial services provider’s stock, valued at approximately $241,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its holdings 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. Fidelis Capital Partners LLC purchased a new position in M&T Bank in the first quarter worth about $30,000. Oakworth Capital Inc. bought a new position in shares of M&T Bank in the second quarter worth approximately $35,000. Quent Capital LLC grew its holdings in shares of M&T Bank by 75.7% during the third quarter. Quent Capital LLC now owns 397 shares of the financial services provider’s stock valued at $71,000 after buying an additional 171 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in M&T Bank in the 3rd quarter valued at approximately $71,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the transaction, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denis J. Salamone sold 10,000 shares of the 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 sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,699 shares of company stock valued at $5,115,349. Company insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 5.0 %

Shares of MTB opened at $198.83 on Friday. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $200.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average is $172.23 and its 200 day moving average is $158.27. The stock has a market capitalization of $33.17 billion, a PE ratio of 13.44, a P/E/G ratio of 3.27 and a beta of 0.75.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping 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 company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the firm posted $5.12 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 14.16 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MTB shares. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Friday, October 4th. Evercore ISI upgraded shares of M&T Bank from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $187.00 to $210.00 in a report on Wednesday, October 2nd. Bank of America boosted their target price on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley lifted their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $185.75.

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.