Charles Schwab Investment Management Inc. Grows Position in M&T Bank Co. (NYSE:MTB)

Charles Schwab Investment Management Inc. grew its holdings in M&T Bank Co. (NYSE:MTB) by 3.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,037,144 shares of the financial services provider’s stock after buying an additional 190,837 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in M&T Bank were worth $897,216,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Plato Investment Management Ltd raised its holdings in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank in the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC increased its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new position in M&T Bank during the second quarter worth approximately $35,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now owns 40,502 shares of the company’s stock, valued at $7,933,531.76. The trade was a 15.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. The trade was a 20.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,383 shares of company stock worth $13,576,801 in the last three months. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MTB shares. DA Davidson raised their price objective on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley raised their price target on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Barclays raised their target price on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Finally, Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $199.65.

M&T Bank Stock Performance

Shares of MTB opened at $214.75 on Thursday. The company’s 50 day simple moving average is $189.91 and its 200-day simple moving average is $168.63. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $216.84. The firm has a market cap of $35.63 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 3.01 and a beta of 0.74. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, equities analysts predict that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

M&T Bank Company Profile

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.