Empirical Finance LLC Acquires 137 Shares of M&T Bank Co. (NYSE:MTB)

Empirical Finance LLC lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,334 shares of the financial services provider’s stock after purchasing an additional 137 shares during the period. Empirical Finance LLC’s holdings in M&T Bank were worth $950,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ontario Teachers Pension Plan Board raised its position in M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after acquiring an additional 3,739 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of M&T Bank in the 3rd quarter worth approximately $44,000. Principal Financial Group Inc. raised its holdings in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the last quarter. Finally, Gateway Investment Advisers LLC grew its holdings in M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock valued at $4,964,000 after purchasing an additional 12,304 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Evercore ISI boosted their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted their price objective on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. The Goldman Sachs Group increased their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company raised their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $199.65.

M&T Bank Stock Up 0.7 %

Shares of MTB opened at $214.74 on Friday. M&T Bank Co. has a 1 year low of $123.37 and a 1 year high of $216.84. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a 50 day simple moving average of $187.11 and a two-hundred day simple moving average of $167.21. The firm has a market cap of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 2.98 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (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 during the quarter, compared to analysts’ expectations of $2.30 billion. On average, analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.51%. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Insider Transactions at M&T Bank

In related news, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the transaction, the director now directly owns 20,414 shares of the company’s stock, valued at $502,184.40. The trade was a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $195.88, for a total transaction 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. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,854 shares of company stock worth $13,637,588. Company insiders own 0.82% of the company’s stock.

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.