Oakworth Capital Inc. Acquires New Holdings in M&T Bank Co. (NYSE:MTB)

Oakworth Capital Inc. bought a new position in M&T Bank Co. (NYSE:MTB) in the 2nd quarter, HoldingsChannel reports. The fund bought 232 shares of the financial services provider’s stock, valued at approximately $35,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its holdings in M&T Bank by 0.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after buying an additional 4,419 shares in the last quarter. Norges Bank acquired a new position in shares of M&T Bank during the fourth quarter valued at $232,322,000. Dimensional Fund Advisors LP increased its holdings in shares of M&T Bank by 7.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after purchasing an additional 100,008 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of M&T Bank by 8.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after purchasing an additional 35,692 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 1.0 %

NYSE MTB traded up $1.54 on Friday, hitting $163.09. 862,080 shares of the company were exchanged, compared to its average volume of 1,032,301. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $176.44. The firm has a market capitalization of $27.21 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77. The company’s 50 day moving average price is $156.73 and its 200-day moving average price is $147.72.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $5.12 earnings per share. Analysts predict that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a $1.35 dividend. The ex-dividend date was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.31%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $2,834,002.50. The disclosure for this sale can be found here. Insiders sold a total of 20,228 shares of company stock valued at $3,334,262 over the last quarter. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Evercore ISI boosted their target price on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Bank of America boosted their price objective on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Citigroup upped their price objective on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $173.85.

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.