Convergence Investment Partners LLC Buys Shares of 5,533 M&T Bank Co. (NYSE:MTB)

Convergence Investment Partners LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,533 shares of the financial services provider’s stock, valued at approximately $575,000.

Several other hedge funds have also bought and sold shares of MTB. Marshall Wace LLP boosted its holdings in shares of M&T Bank by 355.8% during the first quarter. Marshall Wace LLP now owns 2,147 shares of the financial services provider’s stock worth $337,000 after purchasing an additional 1,676 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of M&T Bank by 13.5% during the fourth quarter. Advisors Asset Management Inc. now owns 2,855 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 340 shares during the last quarter. Pearl River Capital LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth $221,000. Macquarie Group Ltd. boosted its holdings in shares of M&T Bank by 120.1% during the fourth quarter. Macquarie Group Ltd. now owns 7,262 shares of the financial services provider’s stock worth $1,233,000 after purchasing an additional 3,962 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of M&T Bank by 3.7% during the fourth quarter. Franklin Resources Inc. now owns 10,537 shares of the financial services provider’s stock worth $1,789,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

M&T Bank stock traded up $0.17 during midday trading on Friday, hitting $105.95. The stock had a trading volume of 1,469,718 shares, compared to its average volume of 754,659. The company has a current ratio of 1.02, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. The stock has a market cap of $13.59 billion, a P/E ratio of 9.86, a P/E/G ratio of 4.21 and a beta of 1.22. M&T Bank Co. has a 12 month low of $85.09 and a 12 month high of $174.00. The business has a fifty day moving average price of $103.81 and a 200 day moving average price of $121.08.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.76 EPS for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.11. M&T Bank had a return on equity of 10.22% and a net margin of 22.36%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the previous year, the firm posted $3.37 earnings per share. On average, equities analysts anticipate that M&T Bank Co. will post 8.97 EPS for the current fiscal year.

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $112.64, for a total value of $112,640.00. Following the completion of the transaction, the executive vice president now directly owns 1,789 shares in the company, valued at $201,512.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

Several research firms have recently issued reports on MTB. Morgan Stanley raised their price objective on M&T Bank from $133.00 to $136.00 and gave the stock an “equal weight” rating in a report on Monday, June 8th. UBS Group lifted their target price on M&T Bank from $98.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Cfra reduced their target price on M&T Bank from $176.00 to $109.00 and set a “hold” rating on the stock in a report on Tuesday, April 21st. Odeon Capital Group cut M&T Bank from a “buy” rating to a “sell” rating and set a $79.30 target price on the stock. in a report on Monday, May 18th. Finally, Wolfe Research began coverage on M&T Bank in a report on Friday. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. M&T Bank presently has an average rating of “Hold” and a consensus price target of $138.91.

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.

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

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