Polaris Capital Management LLC Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Polaris Capital Management LLC grew its position in M&T Bank Co. (NYSE:MTBGet Rating) by 2.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 257,698 shares of the financial services provider’s stock after purchasing an additional 5,304 shares during the period. Polaris Capital Management LLC owned approximately 0.14% of M&T Bank worth $41,074,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MTB. Capital World Investors acquired a new position in shares of M&T Bank in the first quarter valued at about $982,517,000. M&T Bank Corp grew its holdings in M&T Bank by 97.4% during the second quarter. M&T Bank Corp now owns 1,976,350 shares of the financial services provider’s stock worth $307,359,000 after acquiring an additional 974,958 shares during the period. BlackRock Inc. grew its holdings in M&T Bank by 8.8% during the first quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock worth $1,914,040,000 after acquiring an additional 915,914 shares during the period. Wellington Management Group LLP grew its holdings in M&T Bank by 9.9% during the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider’s stock worth $1,459,815,000 after acquiring an additional 777,422 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in M&T Bank by 15.2% during the second quarter. JPMorgan Chase & Co. now owns 5,364,209 shares of the financial services provider’s stock worth $855,000,000 after acquiring an additional 705,857 shares during the period. 82.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP D Scott N. Warman sold 2,000 shares of M&T Bank stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $188.55, for a total transaction of $377,100.00. Following the transaction, the executive vice president now owns 8,349 shares in the company, valued at $1,574,203.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.73% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. StockNews.com assumed coverage on M&T Bank in a report on Wednesday, October 12th. They set a “sell” rating on the stock. TheStreet raised M&T Bank from a “c+” rating to a “b-” rating in a report on Tuesday, September 27th. Citigroup dropped their target price on M&T Bank from $200.00 to $180.00 and set a “neutral” rating on the stock in a report on Friday, October 21st. Deutsche Bank Aktiengesellschaft raised their target price on M&T Bank from $200.00 to $255.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Finally, Morgan Stanley lowered their price target on M&T Bank from $240.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $199.92.

M&T Bank Price Performance

Shares of NYSE MTB traded up $0.20 during midday trading on Thursday, hitting $171.87. The stock had a trading volume of 671,847 shares, compared to its average volume of 1,400,708. The company has a market capitalization of $29.67 billion, a PE ratio of 16.21, a P/E/G ratio of 1.11 and a beta of 0.79. The stock has a 50 day simple moving average of $174.56 and a 200-day simple moving average of $173.41. M&T Bank Co. has a 1 year low of $141.49 and a 1 year high of $193.42. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

M&T Bank (NYSE:MTBGet Rating) last released its earnings results on Wednesday, October 19th. The financial services provider reported $3.83 earnings per share for the quarter, missing the consensus estimate of $4.21 by ($0.38). M&T Bank had a net margin of 22.80% and a return on equity of 10.74%. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the business earned $3.76 EPS. On average, sell-side analysts expect that M&T Bank Co. will post 14.53 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 1st will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $4.80 dividend on an annualized basis and a yield of 2.79%. M&T Bank’s payout ratio is 45.28%.

About M&T Bank

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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