Shell Asset Management Co. Grows Holdings in M&T Bank Co. (MTB)

Shell Asset Management Co. raised its holdings in shares of M&T Bank Co. (NYSE:MTB) by 8.7% in the 1st quarter, Holdings Channel reports. The firm owned 8,730 shares of the financial services provider’s stock after buying an additional 702 shares during the quarter. Shell Asset Management Co.’s holdings in M&T Bank were worth $1,371,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Financial Gravity Companies Inc. bought a new position in M&T Bank during the fourth quarter valued at $30,000. Doyle Wealth Management bought a new position in M&T Bank during the fourth quarter valued at $29,000. Liberty Wealth Management LLC lifted its position in M&T Bank by 972.7% during the first quarter. Liberty Wealth Management LLC now owns 236 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 214 shares during the last quarter. JOYN Advisors Inc. lifted its position in M&T Bank by 141.4% during the fourth quarter. JOYN Advisors Inc. now owns 239 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 140 shares during the last quarter. Finally, Pearl River Capital LLC bought a new position in M&T Bank during the first quarter valued at $42,000. Institutional investors and hedge funds own 81.62% of the company’s stock.

MTB has been the subject of several research reports. Barclays reiterated a “buy” rating and set a $217.00 price objective on shares of M&T Bank in a research report on Wednesday, April 17th. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 13th. UBS Group set a $169.00 target price on shares of M&T Bank and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Zacks Investment Research lowered shares of M&T Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Finally, Citigroup raised their target price on shares of M&T Bank from $162.00 to $172.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. M&T Bank currently has a consensus rating of “Buy” and a consensus target price of $179.25.

In related news, insider Brian E. Hickey sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total value of $674,120.00. Following the transaction, the insider now owns 17,819 shares of the company’s stock, valued at approximately $3,003,036.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert J. Bojdak sold 1,638 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $170.03, for a total transaction of $278,509.14. Following the completion of the transaction, the insider now directly owns 20,199 shares in the company, valued at approximately $3,434,435.97. The disclosure for this sale can be found here. Insiders sold a total of 13,221 shares of company stock worth $2,259,658 in the last ninety days. 0.54% of the stock is currently owned by insiders.

M&T Bank stock opened at $164.92 on Monday. The stock has a market capitalization of $22.53 billion, a PE ratio of 12.82, a PEG ratio of 1.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.06 and a quick ratio of 1.06. M&T Bank Co. has a 12-month low of $133.78 and a 12-month high of $180.77.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.30 by $0.05. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.51 billion. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. During the same quarter last year, the business earned $2.23 EPS. Research analysts forecast that M&T Bank Co. will post 14.63 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 3rd will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Friday, May 31st. M&T Bank’s dividend payout ratio is presently 31.10%.

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About M&T Bank

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.

See Also: Capital Gains

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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