Glenmede Trust Co. NA Has $1.58 Million Position in M&T Bank Co. (NYSE:MTB)

Glenmede Trust Co. NA boosted its stake in shares of M&T Bank Co. (NYSE:MTB) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,873 shares of the financial services provider’s stock after acquiring an additional 238 shares during the quarter. Glenmede Trust Co. NA’s holdings in M&T Bank were worth $1,580,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MTB. Plato Investment Management Ltd raised its stake in M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in M&T Bank during the third quarter worth $32,000. Hexagon Capital Partners LLC increased its stake in shares of 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 valued at $34,000 after buying an additional 68 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank in the second quarter valued at $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 92,504 shares of company stock valued at $18,394,012 over the last 90 days. 0.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research reports. Barclays raised their target price on 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. Evercore ISI raised their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Morgan Stanley raised their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $206.41.

M&T Bank Price Performance

Shares of MTB opened at $219.99 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 1 year low of $125.61 and a 1 year high of $225.70. The stock has a market cap of $36.50 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 3.10 and a beta of 0.74. The stock’s 50-day moving average price is $196.45 and its two-hundred day moving average price is $172.10.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities analysts predict that M&T Bank Co. will post 14.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 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.