Beacon Investment Advisory Services Inc. Raises Stock Position in M&T Bank Co. (NYSE:MTB)

Beacon Investment Advisory Services Inc. grew its holdings in M&T Bank Co. (NYSE:MTB) by 4.8% during the third quarter, HoldingsChannel.com reports. The fund owned 2,851 shares of the financial services provider’s stock after purchasing an additional 130 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in M&T Bank were worth $508,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MTB. Plato Investment Management Ltd raised its stake in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank in the 3rd quarter valued at $32,000. Hexagon Capital Partners LLC raised its stake in shares of M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 68 shares during the period. Oakworth Capital Inc. purchased a new position in shares of M&T Bank in the 2nd quarter valued at $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. DA Davidson raised their target price on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Morgan Stanley raised their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. The Goldman Sachs Group raised their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Wedbush raised their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average price target of $206.41.

Insider Activity

In related news, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the sale, the director now owns 49,960 shares in the company, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 82,504 shares of company stock valued at $16,673,712. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $215.69 on Tuesday. The firm has a market cap of $35.79 billion, a P/E ratio of 15.97, a P/E/G ratio of 3.10 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. M&T Bank Co. has a 1-year low of $128.31 and a 1-year high of $225.70. The firm has a fifty day moving average of $196.45 and a two-hundred day moving average of $172.10.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results 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 net margin of 17.82% and a return on equity of 9.52%. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, research analysts anticipate that M&T Bank Co. will post 14.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

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.