Pegasus Asset Management Inc. boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 0.8% in the 4th quarter, HoldingsChannel reports. The fund owned 17,734 shares of the financial services provider’s stock after acquiring an additional 143 shares during the period. M&T Bank accounts for about 2.0% of Pegasus Asset Management Inc.’s portfolio, making the stock its 19th biggest holding. Pegasus Asset Management Inc.’s holdings in M&T Bank were worth $3,010,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTB. Nuveen Asset Management LLC raised its holdings in shares of M&T Bank by 54,440.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,993,989 shares of the financial services provider’s stock valued at $339,118,000 after purchasing an additional 1,990,333 shares in the last quarter. USS Investment Management Ltd raised its stake in M&T Bank by 1,053.7% in the third quarter. USS Investment Management Ltd now owns 736,052 shares of the financial services provider’s stock valued at $116,278,000 after buying an additional 672,252 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in M&T Bank by 2,322.6% during the 3rd quarter. Squarepoint Ops LLC now owns 111,440 shares of the financial services provider’s stock worth $17,604,000 after buying an additional 106,840 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in M&T Bank during the 3rd quarter worth about $16,555,000. Finally, California Public Employees Retirement System boosted its position in shares of M&T Bank by 25.6% during the 3rd quarter. California Public Employees Retirement System now owns 343,818 shares of the financial services provider’s stock worth $54,313,000 after acquiring an additional 70,002 shares in the last quarter. Institutional investors own 81.55% of the company’s stock.
In other news, COO Richard S. Gold sold 4,093 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $169.43, for a total transaction of $693,476.99. Following the sale, the chief operating officer now owns 38,936 shares of the company’s stock, valued at approximately $6,596,926.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Darren J. King sold 3,968 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $162.59, for a total value of $645,157.12. Following the completion of the transaction, the chief financial officer now directly owns 42,295 shares of the company’s stock, valued at $6,876,744.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,816 shares of company stock valued at $3,977,597. Company insiders own 0.54% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.72%. This is an increase from M&T Bank’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, November 29th. M&T Bank’s dividend payout ratio is 34.21%.
A number of research analysts have recently commented on the company. Jefferies Financial Group downgraded M&T Bank from a “buy” rating to a “hold” rating and dropped their price objective for the company from $185.00 to $167.00 in a report on Tuesday, October 8th. Citigroup boosted their target price on M&T Bank from $150.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Odeon Capital Group assumed coverage on M&T Bank in a report on Friday, September 27th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods cut shares of M&T Bank from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $168.00 to $160.00 in a report on Friday, October 18th. Finally, Wedbush cut their target price on M&T Bank from $166.00 to $163.00 and set a “neutral” rating on the stock in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $170.85.
About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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