Meeder Asset Management Inc. Takes New Position in M&T Bank Co. (NYSE: MTB)


Meeder Asset Management Inc. acquired a new stake in shares of M&T Bank Co. (NYSE:MTB – Get Rating) during the first quarter, according to its latest disclosure to the Securities & Exchange Commission. The fund acquired 1,296 shares of the financial services provider, valued at around $220,000.

A number of other institutional investors and hedge funds have also recently increased or reduced their stakes in MTB. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in M&T Bank during the fourth quarter, valued at approximately $117,964,000. Castleview Partners LLC acquired a new position in M&T Bank during the fourth quarter worth approximately $4,106,000. BlackRock Inc. increased its position in M&T Bank by 4.5% during the fourth quarter. BlackRock Inc. now owns 10,376,365 shares of the financial services provider valued at $1,593,603,000 after buying an additional 446,205 shares last quarter. Thrivent Financial for Lutherans increased its position in M&T Bank by 7,874.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 450,790 shares of the financial services provider valued at $69,233,000 after buying an additional 445,137 shares last quarter. Finally, Schonfeld Strategic Advisors LLC increased its position in M&T Bank by 324.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 502,360 shares of the financial services provider valued at $77,153,000 after buying an additional 383,917 shares last quarter. 87.61% of the shares are held by hedge funds and other institutional investors.

Insider activity at M&T Bank

In a similar vein, Executive Vice President Michele D. Trolli sold 4,667 shares of the company in a trade on Friday, August 12. The shares were sold at an average price of $189.28, for a total transaction of $883,369.76. Following the completion of the transaction, the executive vice president now directly owns 9,197 shares of the company, valued at approximately $1,740,808.16. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Separately, Executive Vice President Robert J. Bojdak sold 525 shares in a trade on Wednesday, June 8. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the completion of the transaction, the executive vice president now owns 19,075 shares of the company, valued at approximately $3,391,916.50. The sale was disclosed in a filing with the SEC, which is available at this link. Additionally, Executive Vice President Michele D. Trolli sold 4,667 shares in a trade on Friday, August 12. The shares were sold at an average price of $189.28, for a total transaction of $883,369.76. Following the completion of the transaction, the executive vice president now owns 9,197 shares of the company, valued at approximately $1,740,808.16. The disclosure of this sale can be found here. Insiders sold a total of 29,798 shares of the company worth $5,414,583 in the past ninety days. 0.73% of the shares are currently held by insiders.

Analysts set new price targets

A number of research analysts have recently commented on MTB shares. Morgan Stanley raised its price target on M&T Bank shares from $203.00 to $222.00 and gave the company an “overweight” rating in a Thursday, July 21 research report. Robert W. Baird upgraded M&T Bank shares from a ‘neutral’ to an ‘outperforming’ rating and raised its price target from $175.00 to $200.00 in a Friday research report June 17. TheStreet downgraded M&T Bank shares from a ‘b’ rating to a ‘c+’ rating in a Wednesday, July 20 research report. Citigroup raised its target price on M&T Bank shares to $200.00 in a Friday, July 22 research report. Finally, Barclays cut its price target on M&T Bank shares from $280.00 to $238.00 and set an “overweight” rating for the company in a Thursday, July 21 research report. One equity research analyst gave the stock a sell rating, four gave the company a hold rating and eight gave the company a buy rating. According to MarketBeat, M&T Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.71.

M&T Bank Price Performance

NYSE: MTB opened at $188.82 on Friday. The stock has a market capitalization of $33.88 billion, a P/E ratio of 17.55, a PEG ratio of 0.85 and a beta of 0.91. M&T Bank Co. has a one-year low of $131.42 and a one-year high of $193.42. The company has a fifty-day moving average price of $169.21 and a 200-day moving average price of $172.13. The company has a debt ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

M&T Bank (NYSE:MTB – Get Rating) last released its results on Wednesday, July 20. The financial services provider reported EPS of $1.08 for the quarter, missing the consensus estimate of $2.75 per ($1.67). M&T Bank posted a net margin of 23.21% and a return on equity of 10.76%. In the same quarter last year, the company achieved EPS of $3.45. Analysts expect M&T Bank Co. to post earnings per share of 15.21 for the current year.

M&T Bank said its board launched a stock buyback plan on Tuesday, July 19 that allows the company to repurchase $3.00 billion worth of stock. This repurchase authorization allows the financial services provider to repurchase up to 9.7% of its shares through purchases on the open market. Stock repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30. Investors of record on Thursday, September 1 will receive a dividend of $1.20 per share. This represents an annualized dividend of $4.80 and a yield of 2.54%. The ex-dividend date is Wednesday, August 31. M&T Bank’s payout ratio is currently 44.61%.

M&T Bank Company Profile

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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Institutional ownership by quarter for M&T Bank (NYSE:MTB)



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