Meadow Creek Investment Management LLC Acquires 280 Shares of M&T Bank Co. (NYSE:MTB)
Meadow Creek Investment Management LLC increased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,960 shares of the financial services provider’s stock after acquiring an additional 280 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in M&T Bank were worth $1,524,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Webster Bank N. A. bought a new position in M&T Bank during the second quarter worth about $43,000. CX Institutional increased its position in M&T Bank by 24.8% during the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 74 shares during the period. Steward Partners Investment Advisory LLC bought a new position in M&T Bank during the second quarter worth about $79,000. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new position in M&T Bank during the second quarter worth about $82,000. Finally, Coastal Investment Advisors Inc. increased its position in M&T Bank by 56.2% during the second quarter. Coastal Investment Advisors Inc. now owns 553 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 199 shares during the period. 82.11% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP William J. Farrell II sold 3,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $163.82, for a total value of $502,927.40. Following the sale, the executive vice president now directly owns 10,774 shares in the company, valued at approximately $1,764,996.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,108 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $150.96, for a total transaction of $167,263.68. Following the completion of the sale, the executive vice president now owns 1,371 shares in the company, valued at $206,966.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,828 shares of company stock worth $770,668. 0.54% of the stock is currently owned by corporate insiders.
M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.34 EPS for the quarter, missing the consensus estimate of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business earned $3.26 earnings per share. As a group, equities analysts expect that M&T Bank Co. will post 13.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a $1.00 dividend. The ex-dividend date is Friday, August 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.51%. M&T Bank’s payout ratio is currently 31.10%.
A number of equities analysts recently commented on the stock. ValuEngine raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised their target price on shares of M&T Bank from $173.00 to $174.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd. Piper Jaffray Companies lowered shares of M&T Bank from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $196.00 to $168.00 in a report on Monday, July 22nd. Keefe, Bruyette & Woods decreased their target price on shares of M&T Bank from $189.00 to $185.00 and set an “outperform” rating on the stock in a report on Friday, July 19th. Finally, Barclays decreased their target price on shares of M&T Bank from $217.00 to $206.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $176.77.
M&T Bank Company Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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