Private Advisor Group LLC Purchases 1,699 Shares of M&T Bank Co. (NYSE:MTB)

Private Advisor Group LLC boosted its position in M&T Bank Co. (NYSE:MTB) by 7.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,525 shares of the financial services provider’s stock after acquiring an additional 1,699 shares during the period. Private Advisor Group LLC’s holdings in M&T Bank were worth $3,495,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Meitav Investment House Ltd. acquired a new position in M&T Bank in the second quarter valued at about $186,000. Charles Schwab Investment Management Inc. lifted its stake in M&T Bank by 2.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,553,897 shares of the financial services provider’s stock valued at $439,830,000 after buying an additional 98,765 shares during the period. Cetera Investment Advisers lifted its stake in M&T Bank by 14.9% in the second quarter. Cetera Investment Advisers now owns 8,233 shares of the financial services provider’s stock valued at $1,019,000 after buying an additional 1,069 shares during the period. Veritable L.P. lifted its stake in M&T Bank by 15.5% in the second quarter. Veritable L.P. now owns 8,049 shares of the financial services provider’s stock valued at $996,000 after buying an additional 1,082 shares during the period. Finally, BNP Paribas Arbitrage SNC lifted its stake in M&T Bank by 58.0% in the second quarter. BNP Paribas Arbitrage SNC now owns 102,780 shares of the financial services provider’s stock valued at $12,720,000 after buying an additional 37,747 shares during the period. Institutional investors own 82.86% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, CFO Daryl N. Bible purchased 5,000 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was acquired at an average price of $111.04 per share, with a total value of $555,200.00. Following the acquisition, the chief financial officer now directly owns 32,876 shares of the company’s stock, valued at approximately $3,650,551.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction on Monday, October 30th. The stock was sold at an average price of $110.58, for a total transaction of $110,580.00. Following the completion of the sale, the executive vice president now owns 6,055 shares of the company’s stock, valued at $669,561.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daryl N. Bible bought 5,000 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were purchased at an average cost of $111.04 per share, with a total value of $555,200.00. Following the acquisition, the chief financial officer now directly owns 32,876 shares of the company’s stock, valued at approximately $3,650,551.04. The disclosure for this purchase can be found here. Insiders own 0.97% of the company’s stock.

M&T Bank Price Performance

Shares of MTB opened at $126.94 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $121.64 and its 200 day simple moving average is $125.08. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $172.59. The company has a market cap of $21.07 billion, a price-to-earnings ratio of 7.32, a PEG ratio of 0.86 and a beta of 0.84.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $3.98 EPS for the quarter, topping analysts’ consensus estimates of $3.88 by $0.10. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $2.32 billion. M&T Bank had a return on equity of 13.13% and a net margin of 24.81%. During the same quarter last year, the company posted $3.83 earnings per share. On average, research analysts forecast that M&T Bank Co. will post 15.98 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Thursday, November 30th. M&T Bank’s dividend payout ratio is 30.01%.

Analyst Ratings Changes

Several research firms have weighed in on MTB. Jefferies Financial Group cut their target price on M&T Bank from $136.00 to $130.00 in a research note on Tuesday, October 10th. Bank of America dropped their target price on shares of M&T Bank from $142.00 to $141.00 in a report on Tuesday, October 10th. Morgan Stanley upped their price target on shares of M&T Bank from $155.00 to $157.00 and gave the company an “overweight” rating in a report on Wednesday, September 27th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Wedbush reduced their target price on shares of M&T Bank from $147.00 to $140.00 and set an “outperform” rating for the company in a research note on Thursday, October 19th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average target price of $148.62.

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 offer retail and commercial banking products and services in the United States. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.