M&T Bank Co. (NYSE:MTB) Shares Purchased by Grimes & Company Inc.

Grimes & Company Inc. lifted its holdings in M&T Bank Co. (NYSE:MTB) by 16.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,274 shares of the financial services provider’s stock after purchasing an additional 328 shares during the period. Grimes & Company Inc.’s holdings in M&T Bank were worth $331,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its stake in M&T Bank by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after acquiring an additional 4,419 shares during the last quarter. Norges Bank purchased a new position in M&T Bank in the fourth quarter worth approximately $232,322,000. Dimensional Fund Advisors LP lifted its position in shares of M&T Bank by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after buying an additional 100,008 shares during the last quarter. London Co. of Virginia lifted its position in shares of M&T Bank by 23.2% during the 3rd quarter. London Co. of Virginia now owns 1,118,296 shares of the financial services provider’s stock worth $141,409,000 after buying an additional 210,821 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of M&T Bank by 8.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after buying an additional 41,523 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. DA Davidson restated a “neutral” rating and set a $159.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Bank of America boosted their price objective on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, Jefferies Financial Group boosted their price objective on shares of M&T Bank from $151.00 to $160.00 and gave the company a “hold” rating in a research note on Tuesday, June 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $161.51.

Insider Buying and Selling

In related news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at $5,481,660. The disclosure for this sale can be found here. Insiders have sold 97,553 shares of company stock worth $14,724,147 in the last three months. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $3.71 on Friday, reaching $151.36. 1,989,882 shares of the company were exchanged, compared to its average volume of 757,229. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The firm has a market cap of $25.25 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 2.90 and a beta of 0.78. The company has a 50-day moving average of $148.32 and a 200-day moving average of $142.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the company earned $4.09 earnings per share. Equities analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a $1.35 dividend. The ex-dividend date was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.57%. M&T Bank’s payout ratio is currently 36.51%.

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.