Toronto Dominion Bank Raises Position in M&T Bank Co. (NYSE:MTB)

Toronto Dominion Bank raised its position in shares of M&T Bank Co. (NYSE:MTB) by 71.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 83,019 shares of the financial services provider’s stock after acquiring an additional 34,501 shares during the quarter. Toronto Dominion Bank owned approximately 0.05% of M&T Bank worth $14,787,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hedeker Wealth LLC grew its stake in M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Frank Rimerman Advisors LLC lifted its position in M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 57 shares during the period. Crestwood Advisors Group LLC boosted its stake in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 57 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Finally, Meitav Investment House Ltd. grew its holdings in M&T Bank by 3.1% in the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 69 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

NYSE MTB opened at $199.90 on Friday. The company has a 50-day moving average price of $202.08 and a 200-day moving average price of $175.20. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $33.17 billion, a P/E ratio of 14.80, a PEG ratio of 2.96 and a beta of 0.76.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. Equities research analysts anticipate that M&T Bank Co. will post 14.63 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.70%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. DA Davidson boosted their price target on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $211.58.

Insiders Place Their Bets

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,994 shares of company stock worth $17,211,278 over the last quarter. 0.82% of the stock is currently owned by corporate insiders.

About M&T Bank

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.