Choreo LLC Acquires Shares of 3,066 M&T Bank Co. (NYSE:MTB)

Choreo LLC acquired a new stake in M&T Bank Co. (NYSE:MTB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,066 shares of the financial services provider’s stock, valued at approximately $460,000.

A number of other hedge funds also recently bought and sold shares of MTB. Principal Securities Inc. acquired a new stake in M&T Bank in the 4th quarter valued at about $34,000. Jump Financial LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth approximately $203,000. QRG Capital Management Inc. acquired a new stake in shares of M&T Bank during the 4th quarter worth approximately $232,000. Principal Financial Group Inc. increased its holdings in shares of M&T Bank by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 196,358 shares of the financial services provider’s stock worth $26,917,000 after buying an additional 2,887 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in shares of M&T Bank by 3.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 4,308 shares of the financial services provider’s stock worth $590,000 after buying an additional 127 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In other 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 transaction 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Vice Chairman Gary N. Geisel sold 500 shares of M&T Bank stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now owns 44,902 shares in the company, valued at $7,724,491.06. The disclosure for this sale can be found here. In the last three months, insiders sold 32,699 shares of company stock valued at $5,115,349. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB stock opened at $168.88 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $176.44. The stock has a market capitalization of $28.18 billion, a PE ratio of 11.42, a P/E/G ratio of 3.32 and a beta of 0.76. The firm has a 50 day moving average of $165.07 and a two-hundred day moving average of $152.33.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period in the previous year, the company earned $5.12 EPS. On average, research analysts predict that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.35 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.20%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Analyst Ratings Changes

A number of analysts have recently issued reports on MTB shares. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Jefferies Financial Group raised their price target on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Citigroup lifted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Bank of America lifted their target price on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $175.85.

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.