Avanza Fonder AB Invests $2.59 Million in M&T Bank Co. (NYSE:MTB)

Avanza Fonder AB bought a new stake in M&T Bank Co. (NYSE:MTB) in the fourth quarter, HoldingsChannel reports. The firm bought 13,778 shares of the financial services provider’s stock, valued at approximately $2,590,000.

Other hedge funds also recently made changes to their positions in the company. Salvus Wealth Management LLC lifted its position in M&T Bank by 15.6% during the fourth quarter. Salvus Wealth Management LLC now owns 1,528 shares of the financial services provider’s stock valued at $287,000 after buying an additional 206 shares during the period. Ritholtz Wealth Management boosted its stake in M&T Bank by 21.3% during the fourth quarter. Ritholtz Wealth Management now owns 4,484 shares of the financial services provider’s stock worth $843,000 after acquiring an additional 787 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Burney Co. increased its stake in shares of M&T Bank by 70.4% during the fourth quarter. Burney Co. now owns 3,824 shares of the financial services provider’s stock valued at $719,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of M&T Bank by 14.1% during the fourth quarter. Park Avenue Securities LLC now owns 6,547 shares of the financial services provider’s stock valued at $1,231,000 after purchasing an additional 807 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MTB has been the subject of a number of recent research reports. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Bank of America lifted their price target on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. DA Davidson increased their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Royal Bank of Canada increased their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Up 0.4 %

MTB stock opened at $196.88 on Friday. The business’s 50-day moving average is $202.66 and its two-hundred day moving average is $183.16. The company has a market cap of $32.67 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 2.16 and a beta of 0.79. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same period in the prior year, the business earned $2.74 EPS. As a group, analysts forecast that M&T Bank Co. will post 14.58 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.74%. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity at M&T Bank

In other M&T Bank news, 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 owns 5,141 shares of the company’s stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,994 shares of company stock worth $17,211,278. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company 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.