Northwest & Ethical Investments L.P. Acquires 38,784 Shares of M&T Bank Co. (NYSE:MTB)

Northwest & Ethical Investments L.P. raised its holdings in shares of M&T Bank Co. (NYSE:MTB) by 264.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,473 shares of the financial services provider’s stock after purchasing an additional 38,784 shares during the period. Northwest & Ethical Investments L.P.’s holdings in M&T Bank were worth $9,525,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Friday, October 4th. Morgan Stanley raised their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson raised their price objective on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Finally, Bank of America upped their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $206.41.

Insider Activity

In other news, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the transaction, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the sale, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. The trade was a 15.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,383 shares of company stock valued at $17,925,801 over the last three months. Insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 0.0 %

Shares of NYSE MTB opened at $220.80 on Friday. The firm’s 50 day moving average price is $195.64 and its 200-day moving average price is $171.40. 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 Co. has a 52-week low of $123.46 and a 52-week high of $225.70. The company has a market cap of $36.64 billion, a PE ratio of 16.34, a P/E/G ratio of 3.13 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities research analysts expect that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a $1.35 dividend. The ex-dividend date is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio 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.