Pitcairn Co. Buys 70 Shares of M&T Bank Co. (NYSE:MTB)

Pitcairn Co. increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,362 shares of the financial services provider’s stock after buying an additional 70 shares during the period. Pitcairn Co.’s holdings in M&T Bank were worth $1,668,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in shares of M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of M&T Bank by 4.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after acquiring an additional 81,004 shares in the last quarter. Dimensional Fund Advisors LP increased its position in M&T Bank by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after acquiring an additional 93,113 shares during the period. Bank of New York Mellon Corp raised its stake in M&T Bank by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after purchasing an additional 44,442 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in M&T Bank by 3.2% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after purchasing an additional 43,795 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Bank of America lifted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Evercore ISI upped their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays increased their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $199.65.

Insider Activity at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now directly owns 2,787 shares in the company, valued at $596,696.70. This trade represents a 63.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,383 shares of company stock worth $13,576,801 over the last quarter. Company insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $221.12 on Friday. The company has a market capitalization of $36.69 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 3.05 and a beta of 0.74. M&T Bank Co. has a twelve month low of $123.46 and a twelve month high of $221.52. The stock has a fifty day simple moving average of $191.98 and a 200 day simple moving average of $169.61. 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 data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Sell-side analysts expect that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

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.