Texas Permanent School Fund trimmed its stake in M&T Bank Co. (NYSE:MTB – Get Rating) by 1.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 24,526 shares of the financial services provider’s stock after selling 323 shares during the period. Texas Permanent School Fund’s holdings in M&T Bank were worth $3,558,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in MTB. Affiance Financial LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at approximately $35,000. CI Investments Inc. grew its holdings in shares of M&T Bank by 887.5% in the third quarter. CI Investments Inc. now owns 237 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 213 shares in the last quarter. Riverview Trust Co grew its holdings in shares of M&T Bank by 219.3% in the third quarter. Riverview Trust Co now owns 265 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 182 shares in the last quarter. Worth Asset Management LLC acquired a new position in shares of M&T Bank in the first quarter valued at approximately $58,000. Finally, CVA Family Office LLC grew its holdings in shares of M&T Bank by 35.7% in the third quarter. CVA Family Office LLC now owns 361 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 95 shares in the last quarter. 84.10% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently weighed in on MTB shares. Barclays dropped their price objective on shares of M&T Bank from $194.00 to $153.00 in a report on Wednesday, April 12th. DA Davidson dropped their price objective on shares of M&T Bank from $141.00 to $138.00 in a report on Tuesday, April 18th. Argus upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Tuesday, April 18th. Morgan Stanley dropped their price objective on shares of M&T Bank from $212.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Finally, Royal Bank of Canada lowered their price target on shares of M&T Bank from $190.00 to $183.00 and set an “outperform” rating for the company in a report on Friday, March 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $165.10.
M&T Bank Trading Up 4.3 %
M&T Bank (NYSE:MTB – Get Rating) last posted its earnings results on Monday, April 17th. The financial services provider reported $4.01 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.03. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.37 billion. M&T Bank had a net margin of 23.20% and a return on equity of 11.97%. During the same period last year, the firm posted $2.73 EPS. On average, sell-side analysts expect that M&T Bank Co. will post 17.26 earnings per share for the current fiscal year.
M&T Bank Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Monday, March 6th were paid a dividend of $1.30 per share. The ex-dividend date was Friday, March 3rd. This represents a $5.20 dividend on an annualized basis and a yield of 4.39%. This is a boost from M&T Bank’s previous quarterly dividend of $1.20. M&T Bank’s dividend payout ratio is currently 40.28%.
M&T Bank Company Profile
M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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