State Treasurer State of Michigan cut its holdings in shares of M&T Bank Co. (NYSE:MTB) by 0.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 39,970 shares of the financial services provider’s stock after selling 200 shares during the quarter. State Treasurer State of Michigan’s holdings in M&T Bank were worth $6,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in MTB. Financial Gravity Companies Inc. bought a new position in M&T Bank in the fourth quarter valued at about $30,000. Doyle Wealth Management bought a new position in M&T Bank in the fourth quarter valued at about $29,000. Liberty Wealth Management LLC lifted its holdings in M&T Bank by 972.7% in the first quarter. Liberty Wealth Management LLC now owns 236 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 214 shares during the period. JOYN Advisors Inc. lifted its holdings in M&T Bank by 141.4% in the fourth quarter. JOYN Advisors Inc. now owns 239 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 140 shares during the period. Finally, Pearl River Capital LLC bought a new position in M&T Bank in the first quarter valued at about $42,000. 82.10% of the stock is currently owned by institutional investors.
NYSE MTB opened at $162.69 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.06 and a current ratio of 1.06. M&T Bank Co. has a 52 week low of $133.78 and a 52 week high of $185.61. The stock has a market capitalization of $22.01 billion, a PE ratio of 12.65, a P/E/G ratio of 1.47 and a beta of 1.08.
M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.35 EPS for the quarter, topping the consensus estimate of $3.30 by $0.05. M&T Bank had a return on equity of 14.46% and a net margin of 30.84%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the company earned $2.23 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 14.61 EPS for the current fiscal year.
In other news, Director Gary N. Geisel sold 1,001 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.00, for a total value of $173,173.00. Following the transaction, the director now owns 17,512 shares of the company’s stock, valued at $3,029,576. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michele D. Trolli sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $173.14, for a total value of $865,700.00. Following the completion of the transaction, the vice president now directly owns 10,878 shares in the company, valued at approximately $1,883,416.92. The disclosure for this sale can be found here. Insiders sold 13,221 shares of company stock worth $2,259,658 in the last ninety days. Corporate insiders own 0.54% of the company’s stock.
A number of research analysts have weighed in on the company. Zacks Investment Research downgraded M&T Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Barclays increased their target price on M&T Bank from $207.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, April 5th. UBS Group set a $169.00 target price on M&T Bank and gave the company a “hold” rating in a report on Tuesday, April 2nd. ValuEngine raised M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Finally, Wedbush set a $165.00 target price on M&T Bank and gave the company a “hold” rating in a report on Friday, January 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. M&T Bank presently has an average rating of “Hold” and an average price target of $179.25.
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.
Featured Article: Google Finance
Want to see what other hedge funds are holding MTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for M&T Bank Co. (NYSE:MTB).