49,555 Shares in M&T Bank Co. (NYSE:MTB) Bought by Sienna Gestion

Sienna Gestion bought a new stake in M&T Bank Co. (NYSE:MTB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,555 shares of the financial services provider’s stock, valued at approximately $7,497,000.

A number of other hedge funds have also made changes to their positions in MTB. Norges Bank purchased a new position in M&T Bank during the 4th quarter valued at about $232,322,000. Los Angeles Capital Management LLC raised its position in shares of M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after purchasing an additional 319,051 shares during the last quarter. Bank of Nova Scotia lifted its stake in M&T Bank by 1,155.9% in the 4th quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after buying an additional 189,038 shares in the last quarter. Vest Financial LLC acquired a new stake in M&T Bank during the 1st quarter valued at $18,147,000. Finally, Rafferty Asset Management LLC increased its position in M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after buying an additional 100,526 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity

In related news, Director Kirk W. Walters sold 2,471 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated 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 directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the transaction, the director now directly owns 20,414 shares in the company, valued at $502,184.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,699 shares of company stock valued at $5,115,349. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $174.05 on Thursday. The stock has a market capitalization of $29.04 billion, a P/E ratio of 11.77, a PEG ratio of 3.32 and a beta of 0.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The business’s fifty day moving average price is $166.48 and its 200 day moving average price is $152.98. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $177.61.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the previous year, the business earned $5.12 EPS. As a group, research analysts anticipate that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm 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 $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s payout ratio is currently 36.51%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MTB shares. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Royal Bank of Canada upped their target price on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Citigroup lifted their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Jefferies Financial Group lifted their target price on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.