Lummis Asset Management LP Makes New Investment in M&T Bank Co. (NYSE:MTB)

Lummis Asset Management LP bought a new position in shares of M&T Bank Co. (NYSE:MTB) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 780 shares of the financial services provider’s stock, valued at approximately $139,000.

Several other hedge funds have also recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board raised its holdings in shares of M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after purchasing an additional 3,739 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter valued at approximately $44,000. Price T Rowe Associates Inc. MD raised its holdings in shares of M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after buying an additional 12,304 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of M&T Bank stock traded up $0.81 during trading on Thursday, reaching $212.74. The company’s stock had a trading volume of 26,585 shares, compared to its average volume of 1,044,378. The business’s 50-day moving average price is $185.26 and its 200-day moving average price is $166.25. The firm has a market cap of $35.30 billion, a PE ratio of 15.69, a P/E/G ratio of 3.00 and a beta of 0.74. M&T Bank Co. has a 52 week low of $123.37 and a 52 week high of $216.84. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Equities analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Analyst Ratings Changes

MTB has been the topic of a number of recent analyst reports. Wedbush boosted their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. DA Davidson boosted their target price on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their target price on shares of M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average target price of $198.76.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the completion of the transaction, the director now owns 2,108 shares of the company’s stock, valued at $443,143.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the transaction, the director now owns 29,796 shares of the company’s stock, valued at approximately $5,899,608. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the transaction, the director now directly owns 2,108 shares of the company’s stock, valued at approximately $443,143.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,068 shares of company stock valued at $12,612,905 over the last quarter. 0.82% of the stock is owned by corporate insiders.

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.